According to NCAER, agricultural production outlook for 2007-08 has improved, thanks to expectations of a better monsoon than last year. The weighted average index of rainfall during June-July 2007 is 18 per cent above normal rainfall, as compared to eight per cent for the same period in 2006.
Growth estimates in all three components of GDP -- agriculture, industry and services -- were revised upward for the current fiscal.
Agriculture sector is expected to grow at 3.35 per cent as compared to 2.6 per cent earlier estimated, while industry is poised to grow at 9 per cent against the earlier projection of 8.7 per cent. The services sector is expected to log a growth of 10.09 per cent against a previous estimate of 9.9 per cent, it added.
Indian vendors display marigold flowers for sale at Mullickghaat flower market in Kolkata
Photograph: Deshakalyan Chowdhury/AFP/Getty Images
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