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CMIE raises industrial growth forecast

Independent forecaster Centre for Monitoring Indian Economy raised its growth forecast for the country's industrial sector for the year to March 2003 to 4 per cent from 3 per cent.

"Improved performance of the mining, food products and textiles sector during the first five months has led to the upward revision," CMIE said in a monthly publication made available on Monday.

CMIE left its growth estimates for the services and farm sectors unchanged.

In August, the economic thinktank had reduced its estimate for this year's industrial growth to 3 per cent from an earlier forecast of 3.5 per cent.

India's industrial sector expanded by 2.8 per cent last year.

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