6.5 pc GDP forecast for 2009-10 may be revised upward: PMEAC

New Delhi, Nov 30 (PTI) The Indian Prime Minister's
economic panel Monday said its growth projection of 6.5 per
cent for the current fiscal may be revised upward on the back
of the high growth of 7.9 per cent in the second quarter.
"This (7.9 per cent) has turned out to be much more
positive than one has expected. Both industry and services
have grown strongly. Overall growth of 6.5 per cent may have
to be revised upward," Prime Minister's Economic Advisory
Council (PMEAC) Chairman C Rangarajan told PTI.
He further said that the dampening effect of a weak
monsoon on agriculture is much smaller than anticipated.
Belying predictions, the Indian economy grew by a
significant 7.9 per cent in the second quarter of this fiscal,
up from 6.1 per cent in the previous quarter, essentially due
to a good showing by the industry and the services sector.
In the July-September period, the manufacturing sector
grew by 9.2 per cent compared to 5.1 per cent in the
corresponding period of last fiscal and mining and quarrying
by 9.5 per cent versus 3.7 per cent recorded in FY09.
Community, social and personal services expanded by
double digit at 12.7 per cent against nine per cent.
Agriculure also rose by 0.9 per cent expansion, against
expectations of contraction in the second quarter. MORE PTI