Monsoon revival to help economy grow at 5.9 pc: PHD Chamber

New Delhi: The revival of Southwest monsoon has widened India's growth prospects with GDP expected at around 5.9 per cent 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 per cent growth for the month of May. We believe that with 5 to 6 per cent growth in industry sector, 3 to 4 per cent growth in agriculture sector and 7 to 8 per cent growth in services sector, the real GDP growth will clock at around 5.9 to 6 per cent 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 per cent from 45 per cent 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.