GDP for FY11 likely to be more than 9%: Industry

With the economy expanding at an impressive pace in the second quarter, industry body Assocham today said the overall GDP for 2010-11 is likely to be more than 9 per cent.

"The GDP numbers seem exciting and highly endorse the India's growth story," chamber's President Swati Piramal said.

She said Assocham is expecting the overall GDP (Growth Domestic Product) will grow by more than 9 per cent in this financial year.

The growth rate for the first quarter of this fiscal was revised upwards to 8.9 per cent from 8.8 per cent.

Buoyed by 8.9 per cent GDP expansion in the July-September quarter, Chief Economic Adviser Kaushik Basu also said it is possible to record 9 per cent growth this fiscal.

"It is not impossible any more. We are very close to that," Basu told reporters when asked whether the economy will grow by 9 per cent in the current fiscal.

Piramal further said the rise in agriculture output is mainly on account of a good monsoon this year.