Gross Domestic Product estimated to fall to 7.1 percent: PM panel

New Delhi, Feb 8 (ANI): The Prime Minister's Economic Advisory Panel on Monday estimated Indian economic growth to fall to 7.1 percent in the current fiscal against nine percent in 2007-08.

Considering the impact of the global financial meltdown, the manufacturing, agriculture, power, agriculture will rise by just 2.6 percent in 2008-09 against 4.9 percent in the previous fiscal year.

The manufacturing industry is expected to grow by a mere 4.1 percent against 8.2 percent, and construction industry by 6.5 percent against 10.1 percent in 2007-08.

Financial, insurance, real estate and business services will grow by 8.6 per cent against 11.7 per cent.

On the other hand, the trade, hotels, transport and communication industry is estimated 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.

Future estimates released by the Central Statistical Organisation (CSO) have shown the slowest growth rate since 2003. (ANI)