With signs of an economic recovery, private sector HDFC Bank has revised upwards India's growth forecast from 5.8 per cent to 6.5 percent for FY 10.
"Signs of a possible bottoming out in industry on the supply-side and private consumption on the demand side have driven us to revise our FY 10 growth forecast upwards from 5.8 per cent to 6.5 per cent," HDFC Bank said in a report released here.
"We are encouraged by the prospect that signs of a pick-up in industrial growth have been contemporaneous with improving demand...we also believe that the emerging signs of recovery are likely to be better entrenched," HDFC Bank said.
"While we maintain our agricultural growth outlook for FY 10 at 3 per cent on expectations of a normal monsoon, we have revised our industrial growth forecast upwards to 4.7 per cent from our earlier forecast of 4 per cent."
The private lender has also revised its services growth outlook to 8.3 per cent from the previous estimate of 7.8 per cent.
"On balance, we remain optimistic about India's growth prospects as a large part of the economy remains driven by domestic factors," the report said.
Services growth would ride on a better-than-expected performance in other segments like trade, communication, finance and insurance, it said.
"Signs of a possible bottoming out in industry on the supply-side and private consumption on the demand side have driven us to revise our FY 10 growth forecast upwards from 5.8 per cent to 6.5 per cent," HDFC Bank said in a report released here.
"We are encouraged by the prospect that signs of a pick-up in industrial growth have been contemporaneous with improving demand...we also believe that the emerging signs of recovery are likely to be better entrenched," HDFC Bank said.
"While we maintain our agricultural growth outlook for FY 10 at 3 per cent on expectations of a normal monsoon, we have revised our industrial growth forecast upwards to 4.7 per cent from our earlier forecast of 4 per cent."
The private lender has also revised its services growth outlook to 8.3 per cent from the previous estimate of 7.8 per cent.
"On balance, we remain optimistic about India's growth prospects as a large part of the economy remains driven by domestic factors," the report said.
Services growth would ride on a better-than-expected performance in other segments like trade, communication, finance and insurance, it said.
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