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India sees 1999/00 GDP growth over 6.0 pct

NEW DELHI: India's gross domestic product will expand by more than 6.0 percent in 1999/2000 (April-March), Finance Minister Yashwant Sinha was quoted saying on Saturday.

The Press Trust of India (PTI) reported Sinha telling reporters after a business seminar: "It will be more than six percent GDP growth."

The prediction came a day after the government's Central Statistical Organisation (CSO) said it estimated GDP growth in this fiscal year at 5.9 percent, down from 6.8 percent in the previous fiscal year.

Earlier estimates by the government and central bank for the year's GDP growth ranged between 6.0 and 7.0 percent.

The agency quoted Sinha as saying that farm sector growth would be subdued but healthy industrial growth and expansion of exports would have a positive effect on eocnomic growth.

CSO said on Friday output from the agriculture, forestry and fishing sector would grow by only 0.8 percent year-on-year in 1999/2000, sharply down from 7.2 percent in the previous year.

Most other sectors are expected to show an improvement, with the manufacturing sector leading the way with a year-on-year growth of 7.0 percent in 1999/2000, compared to 3.6 percent a year earlier.-Reuters