CMIE projects an impressive 9.2 per cent GDP growth for FY 11

Mumbai, Feb 16 (PTI) India''s GDP is likely to grow by animpressive 9.2 per cent in FY 11, a leading economicthink-tank said.

"We believe that the (Indian) economy will grow by animpressive 9.2 per cent in fiscal 2010-11," the Centre forMonitoring Indian Economy (CMIE) said in its latest review ofthe country''s economy today.

Real GDP expanded by 8.9 per cent in the first-half of FY11. In the quarter ended March 2010, real GDP grew by ahandsome 8.6 per cent and in the subsequent quarters, improvedfurther to 8.9 per cent in each quarter, CMIE said.

"The economy is expected to perform even better in thesecond-half of 2010-11. We expect real GDP to grow by 9.7 percent during this period," it said.

In the quarter ended December 2010, growth is estimatedat 9.6 per cent with the major contributors being agricultureand the trade-transport-hotels-communication segment of theservices sector, it said.

The banking and insurance sectors are estimated to havedone well on the back of the surge in credit growth while theservices sector is estimated to have grown by 10.8 per centduring the quarter ended December 2010, it said.

It had grown by 9.3 per cent in the first quarter and 9.8per cent in the second quarter, it added. .