Economy to grow by 6-6.5 pc this fiscal braving global woes

New Delhi,Oct 20 (PTI) The Indian economy would grow by
6-6.5 per cent in the current fiscal despite being affected by
the global financial crisis and drought in the country, Prime
Minister Manmohan Singh said Tuesday.
"Our growth rate in the current year will be 6-6.5 per
cent. We are today the second fastest growing economy in the
world (after China)," Singh said at the conferences of the
Armed Forces here.
He said though the country's exports and foreign
investments were hit by the global economic problems, the
Indian economy had shown "remarkable resilience".
Due to demand slump in the western markets, India's
exports have declined by 31 per cent in the April-August
period of 2009-10.
More than 50 per cent of the districts were affected by
drought impacting "the most vulnerable sections of our
society," the Prime Minister said.
However, the state of the economy compares well, given
the fact that the International Monetary Fund projects the
world economic activity to contract by 1.4 per cent in 2009.
The Gross Domestic Product grew by 6.1 per cent in the
first quarter of the current fiscal, while the economy
expanded by 6.7 per cent in 2008-09.
Prime Minister's Economic Advisory Council, headed by
noted economist C Rangarajan, submitted a review report to
Singh Tuesday. PTI