The Centre for Monitoring Indian Economy has revised its GDP growth forecast for the current fiscal to 6.7 per cent from 6.2 per cent announced last month.
The upward revision comes on the back of lower-than-expected damage to smaller crops due to drought and floods and a robust industrial growth in September, The Centre for Monitoring Indian Economy said in its latest report.
"Real GDP growth for 2009-10 is revised upwards to 6.7 per cent from a 6.2 per cent growth projected in the previous month (November)," the report said.
Further, the industrial growth is expected to continue to remain healthy in the remaining months of the fiscal, CMIE said.
The real GDP in the first-half of the fiscal was better-than-expected at seven per cent against 5.8 per cent registered during second half of the last financial year.
In another good news, the report said the performance of the economy in the first-half of the current fiscal shows the effects of the global liquidity crisis have lessened.
The export sector, among the worst hit sectors by the crisis, too is showing signs of recovery, with the rate of decline slowing to 13.8 per cent in September 2009 and to 6.6 per cent in October from a 20-30 per cent fall during the peak in April-August period, CMIE said.
The CMIE forecasts industrial production to grow by 7.8 per cent and services sector by 8.6 per cent.
However, the agriculture and allied sectors growth is likely to shrink by 1.4 per cent, it said.
