Photographs: Reuters
Driven by good performance of agriculture and manufacturing, the Indian economy grew by 8.9 per cent in the second quarter of the current fiscal, up from 8.7 per cent in the corresponding period a year ago.
The growth rate for the first quarter was revised upwards to 8.9 per cent from 8.8 per cent.
This took the overall economic expansion during the first half (April-September) to 8.9 per cent, up from 7.5 per cent in the corresponding period a year ago.
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Indian economy grew by 8.9% in Q2
According to the data released by the government on Tuesday, farm sector during the second quarter recorded a growth rate of 4.4 per cent, up from 0.9 per cent in the corresponding period a year ago.
The manufacturing sector during the same period recorded a growth rate of 9.8 per cent as compared to 8.4 per cent during the same period last year.
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Indian economy grew by 8.9% in Q2
Photographs: Reuters
The growth rate in the second quarter exceed economist expectation of up to 8.6 per cent for the July-September quarter.
Although the government expects the growth to top 8.5 per cent in the current fiscal, it may exceed the estimates if the present trend continues.
Indian economy grew by 8.9% in Q2
Photographs: S B Mathur/Reuters
With the economy expanding at an impressive pace in the second quarter, industry body Assocham said on Tuesday the overall gross domestic product for 2010-11 is likely to be more than 9 per cent.
"The GDP numbers seem exciting and highly endorse the India's growth story," chamber's president Swati Piramal said.
Assocham is expecting the overall will grow by more than 9 per cent in this financial year, she added.
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Indian economy grew by 8.9% in Q2
Photographs: Ajay Verma/Reuters
The growth rate for the first quarter of this fiscal was revised upwards to 8.9 per cent from 8.8 per cent.
Buoyed by 8.9 per cent GDP expansion in the July-September quarter, chief economic adviser Kaushik Basu also said it is possible to record 9 per cent growth this fiscal.
"It is not impossible any more. We are very close to that," Basu told reporters when asked whether the economy will grow by 9 per cent in the current fiscal.
Piramal further said the rise in agriculture output is mainly on account of a good monsoon this year.
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