India Economic Update

Here is an interesting update on India's economy.

India's business confidence in April was at an eight-year high, with the economy estimated to have grown at its fastest in 15 years in the year to March 31, said the National Council for Applied Economic Research.

The April confidence index rose to 142.8 from 138.1 in January, the New Delhi-based council said in an e-mailed statement. The quarterly survey is based on responses from 609 companies and was conducted in March and April.

The rise in the index comes as a new government was inaugurated yesterday, pledging to achieve economic growth of as much as 10 percent a year as pledged in the ruling Congress party's election manifesto. The government estimates economic growth at 8.1 percent in the fiscal year to March 31.

Both government and companies will need to increase investment as higher growth generates more demand for manufactured products.

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