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India likely to grow by 7-7.5 pc in FY10

With green shoots of economic recovery becoming visible, a top banker was optimistic that India will record a growth of 7-7.5 per cent in this fiscal. "Manufacturing sector has come back to the stream...Infrastructure, mainly power, is coming back in a big way... a growth of 7-7.5 per cent (in the current fiscal)," In July this year, Reserve Bank projected at least six per cent growth in the current fiscal on the back of an expected recovery in the world markets. If the weak monsoon poses hurdles to the agriculture output, the growth can moderate up to seven per cent, while it could be high at 7.5 per cent if the monsoon is favourable. Key-sectors like oil, cement, auto and services sectors have started recovering from the slowdown. However, a few other export-oriented sectors, primarily textile, still face challenges.

Accounting system with Economic Theory

A key product of an accounting system is a set of financial statements. The ultimate product from the accounting function is the provision of financial data through income statements, balance sheet and the statement of cash flow. A good financial manager must how to interpret and use the financial statements in allocating firm’s financial resources to generate the best return possible in the long run. Finance links the economic theory with the numbers of accounting and all managers in whatever firm setting must know what it means to assess the financial performance of a firm.