The Reserve Bank of India (RBI) will announce the Annual Policy statement for the year 2008-09, today (April 29). As a back drop, RBI has released a report on Macroeconomic and Monetary Developments in 2007-08.
According to it, the Indian economy continued to expand at a robust pace during 2007-08 for the fifth consecutive year. Quoting Central Statistical Organisation figures, the RBI placed the real GDP growth rate at 8.7% in 2007-08 as compared with 9.6% in 2006-07.
The report said the index of industrial production and the manufacturing sector grew by 8.7% and by 9.1% respectively. It further says the total foodgrains production is slated to reach an all-time high at 227.3 million tons, recording an increase of 4.6% over the previous year.
The services sector maintained its double-digit growth at 10.6% during 2007-08 despite some moderation in pace.