The Indian economy grew by 8.6 per cent during the quarter ended March 31 while the gross domestic product for entire 2009-10 rose at a rate of 7.4 per cent, according to official data released on Monday. The economy registered a 6.1 per cent growth in the first quarter, 7.9 per cent in the second quarter, but dropped to a modest 6 per cent in the third quarter, as per data released by the Central Statistical Organization (CSO) here.
The growth rate was mainly on account of higher performance in mining and quarrying, which grew by 14 per cent and manufacturing by 16.3 per cent. Among other high growth sectors during the quarter were hotels and transport services, which grew by 12.4 per cent, while financial services including insurance, grew by 7.9 per cent.
Economy grew an expected 8.6 per cent in the March quarter from a year earlier, driven by robust manufacturing sector on the back of government and consumer spending.
The manufacturing sector grew 16.3 per cent in January-March from a year earlier, while farm output rose an annual 0.7 per cent, government data showed on Monday. For the full year to March, the economy expanded 7.4 per cent, above a government forecast of 7.2 per cent. This has been the fastest growth in the last six months in the quarter through March 2010
Manufacturing output grew 16.3 per cent on year in the quarter as consumers bought more cars and other goods, while farm output grew an annual 0.7 per cent helped by a good winter harvest.The government expects the economy to grow 8.5 per cent in the current fiscal year that started on April 1 on the prospects of a better farm output and a global recovery.The farm sector, which forms nearly 17 per cent of the economy but is dependent on monsoon rains, is expected to do well in 2011 as the weather office has predicted a normal monsoon for the country.
No comments:
Post a Comment