Riding high on the performance of manufacturing, services and agriculture sector, Indian economy has recorded a 8.9 per cent growth in the third quarter ended December 31, 2003, even as the government expects inflation to remain in the range of 4-4.5 per cent by the end of fiscal 2003-04.
"As per the quick estimates, Indian economy has posted a growth of 8.9 per cent because the manufacturing, services and agriculture sector have done well and this (growth) is a remarkable achievement," Finance Minister Jaswant Singh said on Thursday night after presenting the Financial Express-Electrolux awards for women in business in Mumbai.
"In the second quarter ended September, the economy had grown by 8.4 per cent and for the fiscal 2003-04 we will go by the Central Statistical Organisation's estimate of 8.1 per cent," he added.
Referring to inflation, he said, "It has come down and we are firm that it will remain in the range of 4-4.5 per cent by March end."
On fluctuations in price index, the minister said, any demonstration of this kind is always a matter of concern for the finance ministry but exuded confidence that the government will manage to rein in inflation.
Earlier in his speech, Singh said, "It is my conviction that India is on a dynamic growth path and there is also a resurgence in self-confidence."
Indian economy has also weathered and gone through various shocks, including earthquakes, oil shocks and drought. It is a remarkable success story of India, the minister added.
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