Home / Economy and Business / GDP between 7.35% to 7.85% – Economic survey says. Markets decline ahead of budget..

GDP between 7.35% to 7.85% – Economic survey says. Markets decline ahead of budget..

India is expected to grow faster than expected. As per the Economic survey tabled in the Parliament, the Indian economy is slated to grow at a rate of 7.35% to 7.85%. The GDP numbers are well above the previous projections of 6.9% by the Central Statistics Office. The report also maintains a much higher projection of over 8.5% for the 2013-14 year.

indian economy

The survey has also indicated that the jobs in the Indian industries were not severely affected during the slowdown seen in the economies of the other parts of the world. It also reported that IT and BPO sectors recorded the highest new jobs till September 2011. These sectors alone added an estimate of eight lakh jobs during this period.

The GDP number is a key indicator of the overall economy of a country. Growth in GDP is generally seen as a direct measure of the growth of the national economy.

The Economic Survey also feels that the fiscal consolidation be on track which would trigger for the rise in saving and capital formation. This aided with the measures by the RBI to reduce the policy rates at key intervals, would result in high investment activities, boosting the economy as a whole.

Meanwhile, the stock markets seem to have completely ignored the news of the faster growth trajectory. The indices declined during the later part of the trade.

The Nifty is down by 1.5% to trade at 5378.

Reliance Capital is among the major losers in the list. The stock has lost over 5.5%. Other financial stocks have also seen declines. IDFC is down by 4%. HDFC has seen a decline of 2%.

L&T is down by 2.4%. JP Associates is down by 4%, while Punj lloyd has also lost 4.5%.

Unitech from the real estate sector has lost around 3%. HDIL has also lost over 3.5%.

Other major stocks in the red include ONGC – down by 3%, SBI – down by 2.3%, ICICI Bank – down by over 2% and Reliance industries – which has also slipped by 2.3%.

Some of the midcap names have also seen major declines in today’s trade. Titan industries has lost over 7%. IVRCL Infra was down by 5%.

Educomp solutions however managed to gain 4.5% in the trade.


 

 

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