ASSOCHAM optimistic for more than 8.5 pc growth

New Delhi, May 31: Complimenting the UPA government for pursuing its reforms oriented policies that led to the GDP growth rate of 8.4 per cent in the FY06, the Associated Chambers of Commerce and Industry (ASSOCHAM) today expressed hope that the GDP growth rate might exceed 8.5 per cent in FY07.

''The agriculture sector has done exceedingly well with overall growth rate of 3.9 per cent in 2005-06 as against its growth rate of 0.7 per cent in the preceding year. In the current fiscal, this sector is well poised to register a growth rate of over 4 per cent which will automatically lead to a higher overall growth rate by the end of March 2007,'' ASSOCHAM President Anil K Agarwal said.

Similarly, manufacturing and services have been doing well and their growth prospects will still be higher for the current fiscal provided the government keeps pursuing reforms oriented policies in areas of banking, insurance, civil aviation and fiscal consolidation.

UNI