Finally something positive

Some positives at last

The Indian investor has reason to cheer-the economy is expected to grow by 8.5 percent in 2008-09 and recent fiscal steps will help check price rise, ASSOCHAM said on Friday.

Inflation raced to its highest in more than three years to 7.0 percent in the 12 months to March 22, pulling down the stock market and sending bond yields higher.

“Government has taken sufficient corrective measures to contain inflation….the measures would yield results and bring down prices of essential commodities to manageable limits in next few days,” the Associated Chambers of Commerce and Industry (ASSOCHAM) said in a statement.

ASSOCHAM said the growth in gross domestic product for the current fiscal would exceed 8.5 per cent, compared with an estimated 8.7 percent in the previous fiscal year.