Economy to grow by 7.5% in 2009-10: PM

Prime Minister Manmohan Singh today said the economy is expected to register a growth rate of 7.5 per cent in this financial year (2009-10), up from 6.7 per cent a year ago.

In the current financial year, the growth rate of economy is likely to be 7.5 per cent," he said while addressing a meeting of the Chief Ministers on price rise here.

The economy, which had been growing at over 9 per cent, slipped to 6.7 per cent in 2008-09 following the impact of the global economic crisis triggered by the fall of investment bank Lehman Brothers in September 2008.

Driven by stimulus packages and easing of monetary policy, India's economy during the second quarter (July- September 2009-10) expanded by 7.9 per cent, much more than anticipated by any analyst or thinktank.

The RBI in its recent review of the monetary policy too projected a growth rate of 7.5 per cent for the current fiscal.

Finance Minister Pranab Mukherjee, while presenting the Mid-Year Review of the Economy had said that economy could grow in excess of 7.75 per cent despite the impact of drought and floods on agriculture output.

PTI

Indiabulls to develop 2,500-acre SEZ near Nashik

Nashik, Feb 6 (PTI) Diversified entity Indiabulls Group will develop a Special Economic Zone (SEZ) at Sinnar near Nashik in association with the Maharashtra Industrial Development Corporation.

The SEZ, which is to be located in the industrial corridor of Nashik, Sinnar and Igatpuri, will be spread over 2,500 acres, Kishore Gajabhiye of Indiabulls, who is heading the project, told reporters here last evening.

The multi-product enclave will have units related to auto components, medicine production, food, engineering and IT among others. It will also house an international trading centre, hotels, schools, entertainment park and hospital, he said.

The company, however, did not give the estimated investment or timeframe of the project. This will be Indiabulls' third SEZ after Mumbai and Pune.

The group's proposed 1,335 MW Thermal Power Project in Sinnar is likely to see investments of Rs 25,000 crore and create thousands of jobs, Gajabhiye said.

Markets breathe easy on US cues

STAFF WRITER 13:56 HRS IST

Mumbai, Feb 6(PTI) After two days of mayhem, the markets got a reprieve today on a special 90-minute session with the benchmark Sensex gaining 125 points on all-round buying driven by positive cues from the Wall Street overnight.

The Bombay Stock Exchange benchmark Sensex resumed higher by 142 points and touched an intraday high of 15,951.07 points before ending at 15,915.65, a net rise of 124.72 points or 0.79 per cent from its last close, when it crashed by 434 points on global cues.

Significantly, all the sectoral indices ended in the green, with the worst hit sectors in the past two sessions-- realty, metals, oil & gas and IT counters-- leading the rally.

The National Stock Exchange's 50-share Nifty also shot up by 38.60 points or 0.82 per cent to finish at 4,757.25 from its previous close, after opening over 42 points.