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India accelerates economic growth
India's economy has beaten expectations by growing at an annual rate
of 9.3% in the first three months of 2006.
Agriculture, which makes up one-quarter of the economy, showed a
healthy 5.5% increase in the quarter, the Central Statistical
Organisation said.
The news comes amid sharp falls for India's stock markets, fuelled by
fears of a cooling US economy.
The Sensex index ended the day down 3.6%, amid worries that rapid
growth could mean higher interest rates.
In a bad market like this people often ignore good news
Ajit Surana, managing director, Dimensional Securities
On a year-by-year basis, India's economy grew by 8.4%, beating the
government's forecast of 8.1%.
"In a bad market like this people often ignore good news," said Ajit
Surana, managing director of brokerage Dimensional Securities.
The growth spurt means India is approaching China's growth rate of
between 9% and 10%.
'Reforms needed'
As urban Indians have become richer, benefiting from the stronger
economy, they have had more money to spend on consumer and housing
goods.
But economists are concerned that India's growth will be limited if
public sector investment in infrastructure, including ports, airports,
roads and power supplies, is not increased.
The finance minister, P Chidamabaram, has warned that without more
reforms growth may not be sustained.
Some analysts are saying that recent falls on Indian stock markets are
merely a correction, after a period of rapid gains.
Nonetheless, there are fears that more foreign investors might
withdraw if stocks continue to decline.
The rupee fell to its lowest level against the dollar in three years
on fears of equity withdrawal.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/5033764.stm
Published: 2006/05/31 13:39:33 GMT
(c) BBC MMVI
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DIE DULCI FREURE,
DEV BOREM KORUM.
Gabe Menezes.
London, England
£1 = 87 Rupees.....
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