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Even though economic growth is slowing down, it is on expected lines and the rate projected has been as predicted by the Prime Minister's Economic Advisory Panel.
While manufacturing, agriculture, power, construction and financial services are likely to pull down growth, services including trade and hotels as well as mining are projected to give a push to the economy.
Agriculture is set to grow by 2.6 per cent in 2008-09 against 4.9 per cent in the previous fiscal, manufacturing is likely to expand by 4.1 per cent against 8.2 per cent, and construction by 6.5 per cent against 10.1 per cent.
Financial, insurance, real estate and business services are set to grow by 8.6 per cent against 11.7 per cent.
On the other hand, the category of trade, hotels, transport and communication is projected to grow by 10.3 per cent against 12.4 per cent and community, social and personal services by 9.3 per cent against 6.8 per cent.
These are advance estimates by the Central Statistical Organisation and actual growth figures may not exactly be the same.
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With the recent figures it is clear that the economy is not alienated from the global meltdown.To check the impact of the measures the government recent stimulus packages,a serious body with economists should the monitor the flow of funds and continue the momentum. The recent news of US curtailing H1B visas will damage the Indian IT sector as the preferred destination for cheap labor.As Obama said We need to act quickly and provocatively in averting the situation from a deep crisis.Hope the indian economists feel the ripples and do somthing in this regard.
With the recent figures it is clear that the economy is not alienated from the global meltdown.To check the impact of the measures the government recent stimulus packages,a serious body with economists should the monitor the flow of funds and continue the momentum. The recent news of US curtailing H1B visas will damage the Indian IT sector as the preferred destination for cheap labor.As Obama said We need to act quickly and provocatively in averting the situation from a deep crisis.Hope the indian economists feel the ripples and do somthing in this regard.