Independent forecaster Centre for Monitoring Indian Economy said on Friday that it has raised its growth target for India's gross domestic product in the year to March 2003 to 3.7 per cent from its earlier estimate of 3.1 per cent.
"The industrial sector has done well in spite of the sharp drop in agricultural production," CMIE said in its monthly bulletin. "As a result, the overall real GDP growth forecast is revised."
India's economy grew a robust 5.8 per cent in the July-September quarter, boosted by a strong manufacturing sector and domestic demand, making it one of the world's fastest growing economies.
The Indian economy, Asia's third largest, grew 5.3 per cent in the second quarter of the past year to March 2002.