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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India economy headed higher: analysts AFP - Sunday, May 31 NEW DELHI (AFP) - - India's economy is on the upswing with eyes now keenly focused on July's planned budget for new market-opening moves by the freshly re-elected Congress government, analysts say. ADVERTISEMENT The country logged unexpectedly strong 5.8 percent growth in the final quarter to March 2009, against forecasts of 5.0 percent, figures late last week showed, prompting analysts to say the economy had turned the corner. "We see a new growth cycle taking shape with the first stop seven percent and then eight percent," said Rajeev Malik, economist at Macquarie Securities. India's economy expanded by 6.7 percent in the year to March 2009, down from nine percent a year earlier. But the country of nearly 1.2 billion people is performing far better than many others caught in the global slump, thanks to its vast, resilient domestic market, hefty government spending and aggressive rate cuts, analysts say. Foreign capital is pouring back into India with the benchmark Sensex share index near a nine-month high of 14,625 following a spurt in May after the Congress party was swept back to power with its biggest seat haul in 18 years. The strong mandate allows the Congress to govern without the support of the communists who propped up the government in parliament during its last term. Economists called the Congress win a "game changer" for the economy because it raises hopes of political stability for the next five years and the introduction of economic reforms that had been blocked by the Left. There has already been a flurry of announcements by new ministers promising such moves as loosening state-controlled fuel pump prices, which would help refinery profits, and cutting mobile call rates to propel India's explosively growing cellular sector. Economic growth is forecast at around six percent in the first half of the year and closer to seven percent in the second amid "green shoots" signs such as higher car sales and cement output. Next year, economists expect expansion of eight percent. "We expect a pick-up in economic activity from lower borrowing costs and higher government spending which is feeding through the system," said Shubhada Rao, economist at Yes Bank. In another positive sign, the Federation of Indian Chambers of Commerce and Industry (FICCI) announced Saturday a sharp upturn in business optimism. Some 57 percent of 300 firms polled in the final quarter to March declared economic conditions were "moderately to substantially" better -- up from the nine percent in the previous quarter who reported an improvement. "Companies are looking forward to a recovery on the basis of their order books and performance," FICCI economist Anjan Roy said. Economists are now focused on the budget that Finance Minister Pranab Mukherjee has promised to present in the first week of July to see what steps he will take to open up India's still relatively inward-looking economy. Mukherjee said last week the government would press ahead with some long stymied reforms "in the financial sector and real economy" to make it more competitive and draw foreign investment. The government may privatise some state-owned firms and raise foreign-ownership caps in insurance and aviation as well as possibly broadening overseas investment access in retailing. But Mukherjee said his "top priority" was "reviving the growth momentum" and helping the poor and he would step up spending even if this meant scant progress in closing India's yawning fiscal deficit, which at 6.2 percent is at a seven-year peak. HSBC economist Robert Prior Wandesforde forecast no "big bang" reforms in a country where economic changes can provoke huge debate. But "even if they (the government) do a few things, the multiplier effect will be quite significant," said Macquarie's Malik. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy SKorean carmaker Ssangyong closes strike-hit plantAFP - Sunday, May 31 India economy headed higher: analystsAFP - Sunday, May 31 Struggling GM thrives in ChinaAFP - Sunday, May 31 After stumble, US Treasury reaches out to ChinaAFP - Saturday, May 30 Related Articles: Business Reliance Power in talks with Australian miners-paperReuters - Friday, May 29 India's Suzlon agrees on final payment for REpowerReuters - Friday, May 29 NZ dollar sits at highs after budget; bonds gainReuters - Friday, May 29 Vietnam cbank to accept dollar bonds as collateralReuters - Friday, May 29 Indian bond yields cautious before borrowing reviewReuters - Saturday, May 30 Enlarge Photo India economy headed higher: analysts Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Vitamin D boosts brain power in middle-aged men US lab debuts super laser Ancient eruption 'killed off world's sea life' Music icon Spector gets 19 years for murder Jewels worth six million euros stolen from Paris store: police View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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