RTTNews - India's Crop production for the current fiscal is likely to fall by 4.7% due to the poor progress of the south-west monsoon till the first week of July 2009, said the Centre for Monitoring Indian Economy (CMIE) in its monthly report. This will impact the Gross Domestic Product as well as the industry.
There was a delay and shortage of rainfall in June 2009 in the country, except in Karnataka and this affected the sowing activities of Kharif crops and is also likely to affect the yield.
Industry's growth will be affected due to a decline in sugar and edible oil production by 3.6% and 2.5%, respectively. Accordingly, industrial production is likely to increase by 4.8% compared to the previous estimate of 5.1% growth. However, the estimated growth rate exceeds the 2.4% growth reported for the previous fiscal. The GDP growth estimate for the current fiscal has also been lowered to 5.8% compared to an earlier estimate of 6.6% .
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