India's economy has taken off at a dizzying pace on the back of a plentiful monsoon, a resurgence in the agriculture and manufacturing sectors, huge foreign exchange reserves, increasing global competitiveness of its companies, low interest rates, big investment inflows, excellent company results, and a strong stock market.

The projections for India's economic growth in 2004 range from the conservative 6.5 percent to the optimistic 8 percent; either way, India is poised to retain its position as one of the world's fastest growing economies.

India's finance ministry has said the nation's GDP may exceed 7 percent. According to the World Bank and the International Monetary Fund, over the next few years, India can be assured of an annual growth rate exceeding 6 percent.

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