India revised the economic growth rate for the year ended March 31, 2006, to 9 percent, the fastest pace on record, the government said.
The pace was faster than the 8.4 percent forecast earlier because of greater expansion in agriculture and manufacturing, the government said in a statement in New Delhi today.
``It augurs well for the gross domestic product for 2006- 2007,'' Finance Minister Palaniappan Chidambaram said in New Delhi today. ``Although, I must caution that since the base has now increased, we will have to wait and see how it reflects statistically on the growth in 2006-2007.'
This is really important news. For all the talk of China's growth, the emerging growth story for the next few years is likely to be India.
Food for thought.