New Delhi, May 30 : The revised GDP growth for 2007-08 released by CSO at nine percent is in line with its expectations, said the Confederation of Indian Industry (CII) today.
It said that it had projected a GDP growth of 9.2 percent for 2007-08, and added that the moderation in growth has been mainly due to a tight monetary policy resulting in interest rate hardening.
The impact has been severe on industrial production, especially in the consumer durables sector, it added.
It said that the agriculture sector has registered a higher growth of 4.5 percent during 2007-08 as against a growth rate of 3.8 percent last year on account of above normal monsoon.
This, it said, is very encouraging as the growth rate of agriculture during 2007-08 is higher than the plan target of four percent, and added that it will help contain inflationary expectations on account of food prices, said the CII.