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Our Bureau

New Delhi, Feb. 26

Economic growth for the current fiscal 2005-06 is forecast to be eight per cent plus by the Confederation of Indian Industry, which is in line with the quick estimates released by the CSO. Higher GDP growth this year is expected mainly on account of a good monsoon, impressive growth of manufacturing and services sectors and a higher share of services sector in the GDP, the chamber said.

Industrial production reported a growth of 7.8 per cent for April-December last year, said the chamber's latest State of the Economy report. However, the report has stressed the need to propel the growth in the mining and electricity sectors. It notes that the capital goods sector grew by 15.7 per cent during the first three quarters of fiscal 2005-06. It has also recommended encouraging large-scale production, reducing delays in shipment of finished goods and greater availability of credit at lower rates of interest.

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