Indian economy to grow by 7%

India’s economy is likely to grow by 7.2% in the current fiscal year, despite rising world oil prices and US interest rate hikes, a private industry report said today.

The report by the Confederation of Indian Industry, a group of the country’s top private businesses, cited growth in the industrial and services sector, a positive outlook for agriculture and broad-based export increases as reasons for the high growth figure in the fiscal year that ends next April.