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Data released by the government on Monday showed that industrial output as measured by the index of industrial production (IIP) grew by a better-than-expected 10.4% in August, sharply higher than the 7.2% growth seen in July and soundly beating expectations of 9% growth. "We are hoping that when the final GDP figure for the second quarter will be available, there will be some higher growth," Finance Minister Pranab Mukherjee said in New Delhi. The government's present forecast is for gross domestic product growing by more than 6% in the current financial year. GDP grew by 6.7% last year. A snap poll of 10 economists carried out by ET saw many of them talk about an upward revision to growth forecasts for 2009-10 by at least half a percentage point. 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NEW DELHI: Industrial production posted its best growth in almost two years in August, bringing cheer to markets and policymakers and prompted economists to look at bumping up growth forecasts for the year.
Data released by the government on Monday showed that industrial output as measured by the index of industrial production (IIP) grew by a better-than-expected 10.4% in August, sharply higher than the 7.2% growth seen in July and soundly beating expectations of 9% growth.
"We are hoping that when the final GDP figure for the second quarter will be available, there will be some higher growth," Finance Minister Pranab Mukherjee said in New Delhi. The government's present forecast is for gross domestic product growing by more than 6% in the current financial year. GDP grew by 6.7% last year.
A snap poll of 10 economists carried out by ET saw many of them talk about an upward revision to growth forecasts for 2009-10 by at least half a percentage point.
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