Indian Economy Grows At 7.3 Percent In 2014-15; Up From 6.9 Percent In 2013-14

29/05/2015 7:56 PM IST | Updated 15/07/2016 8:25 AM IST
Indian people watch Indian Finance Minister Arun Jaitley make the union budget speech on a television screen outside the Bombay Stock Exchange (BSE) in Mumbai, India, Saturday, Feb. 28, 2015. Jaitley announced the government's new budget on Saturday, promising a slew of measures that attempt to balance welfare spending with high economic growth and infrastructure development, while vowing to keep a tight control on fiscal deficit. (AP Photo/Rajanish Kakade)

NEW DELHI: The Indian economy grew at 7.3 per cent in 2014-15 due to improvement in the performance of both services as well as manufacturing sectors.

According to the data release by the Central Statistics Office (CSO) on Friday, the economic growth was 6.9 per cent in 2013-14 as per the new series of national accounts with base year of 2011-12.

The growth in 2014-15 was lower than the advance estimates of 7.4 per cent released in February.

The fourth quarter (January-March) of last fiscal saw the economy grow at 7.5 per cent, better than 6.6 per cent recorded for the previous three months, October-December.

The Gross Value Added (GVA), a new concept introduced by CSO to measure the economic activity, rose by 7.2 per cent in 2014-15 compared 6.6 per cent in the previous fiscal.

The manufacturing sector GVA rose by 7.1 per cent during the year as against 5.3 per cent in 2013-14. Similarly, the output of electricity, gas, water supply and other utility services rose by 7.9 per cent as against 4.8 per cent a year ago.

The construction activity too registered an increase of 4.8 per cent, up from 2.5 per cent a year ago. Financial, real estate and professional services also showed an improvement by registering a growth of 11.5 per cent as against 7.9 per cent in previous fiscal.

However, the farm and allied sectors grew by a meagre 0.2 per cent compared to 3.7 per cent a year ago.

The output of mining and quarrying sector too slipped to 2.4 per cent from 5.4 per cent a year ago.

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