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The revival of Southwest monsoon has widened India's growth prospects with GDP expected at around 5.9% for the current fiscal, in line with the projection made by the Economic Survey, PHD Chamber of Commerce and Industry has said.
"Industrial sector is showing signs of recovery. IIP has shown an encouraging 4.7% growth for the month of May. We believe that with 5 to 6% growth in industry sector, 3 to 4% growth in agriculture sector and 7 to 8% growth in services sector, the real GDP growth will clock at around 5.9 to 6% during FY2015," the industry body's President Sharad Jaipuria said.
According to the Indian Meteorological Department, heavy rains that covered the entire country have narrowed the monsoon deficit to 36% from 45% in earlier weeks.
"We believe that revival in monsoon and announcements in the Union Budget 2014-15 for agriculture sector such as focus on increasing irrigation facilities, farm markets, financial help to landless farmers and Kisan TV to provide real time information to farmers would help increase farm productivity in the coming times," Jaipuria said.
