Economists surveyed by Reuters had forecast a 0.5 per cent growth in output
RBI Governor Raghuram Rajan has noted the contradiction.
Reserve Bank of India Deputy Governor Viral V Acharya further said that the impact of the notes ban would only be temporary and would help in bringing informal sector into the mainstream economy.
During April-February, industrial output grew at 2.6 per cent compared with a growth of 2.8 per cent in the year-ago period.
Rajan, who has also served as chief economist at the International Monetary Fund (IMF), said he had no idea what statistics are pointing at currently and "a revamp" was needed "to really figure out what India's true growth rate is".
The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.
On one hand, Operation Greens should help to smoothen volatility in the prices of vegetables, whereas the proposal to enhance and extend minimum support prices to augment farmer incomes, may emerge as an inflation risk.
The index had registered a growth of 2.8 per cent in January 2015.
India's industrial output unexpectedly rose 1.2 per cent in May from a year earlier, led by a pick up in manufacturing, government data showed on Tuesday.
The prime minister was speaking at an industry meet organised at ONGC Petro Additions Ltd's complex in Gujarat's Dahej.
It's high time we now turn the popular question on its head -- when there is no growth in jobs for several years, how can the real GDP grow at 7 per cent per annum, says Mahesh Vyas.
TCS, Wipro and Infosys dropped by up to 4.47 per cent, dragging down the BSE IT index by 2.96 per cent
The Survey lists some of the challenges that might impede India's progress.
Industrial production grows at 2.1 per cent in March.
Unlike the Advance Estimates which missed the impact of demonetisation, CEA's survey is likely to have a better take on Indian economy.
India's industrial output grew a better-than-expected 6.4 per cent in August compared with a downwardly revised 4.1 per cent growth a month ago.
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Chidambaram said he was particularly happy that agriculture growth has been estimated at 4.6 per cent for 2013-14.
Brokerage house Nomura today said the downward revision of FY'13 growth figure by the Central Statistics Office will have a positive base effect for GDP expansion in the current fiscal.
Rs 1,000 crore for promotion of start ups.
Rajan had said that there was lack of clarity about the new method.
'India remains a bright spot amid the global slowdown.'
The GDP slumped to a three-year low lagging China for the second straight quarter -- as manufacturing slowed ahead of the GST launch amid demonetisation effect.
The rate of price rise was at 6.77 per cent in June last year.
This is mainly due to GST impact on manufacturing and subdued farm output.
New Delhi says existing food stocks will be sufficient to contain any food price shock.
Around 81 per cent of the workers constitute the unorganised sector - devoid of any social security cover and outside the purview of a complex set of labour laws.
The First Advance Estimates of National Income, 2016-17 did not reflect the impact of demonetisation, effected on November 9 and are based on sectoral data for only seven months to October.
Indian economy's growth is expected to be "below trend" even as neighbouring China and most of the developed nations are expected to see better prospects, according to Paris-based think tank OECD.
Retail inflation inches up to 3.77%; IIP growth dips to 3-month low
Departmental proceedings have also been initiated against him.
The April-June quarter GDP slipped to 7 per cent from 7.5 per cent.
Cheering the rebound in India's economy which grew 5.7 per cent in the April-June quarter, highest in the past two-and-a-half years, India Inc on Friday said it expects the GDP to pick up further on the back of conducive investment policies and execution of reforms by government.
The size of the GDP in the second quarter of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore a year ago
'While the poor have little say in shaping India's intellectual or public discourse, they do have a significant role in deciding political outcomes,' points out Roshan Kishore.
Indian IT-BPM industry raked in revenues of $119 bn in 2014-15.
India's economic growth slowed to 7 per cent in the three months through June from 7.5 per cent in the previous quarter
The GDP has been estimated at Rs 126.54 lakh-crore (Rs 126.54 trillion).
In December, govt had lowered its growth forecast for 2015-16 to 7-7.5%
Under the Commission proposal, Greece would get the whole 7 billion in one go
Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.
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