India GDP Grows At 7.9%, Retains Top Spot As Fastest-Growing Economy In The World

31/05/2016 7:28 PM IST | Updated 15/07/2016 8:27 AM IST
Bartosz Hadyniak via Getty Images
Tamil women plucking tea leaves in Southern India, Kerala. India is one of the largest tea producers in the world, though over 70% of the tea is consumed within India itself.

The GDP Figures for the March quarter are out and it couldn't be better news for the Modi government.

India’s March quarter Gross Domestic Product (GDP) grew 7.9 percent, according to official data, beating most analyst forecasts which had predicted a 7.5 percent growth for the quarter.

For the 2015-2016 fiscal, the country’s GDP grew by 7.6 percent compared to the previous year, and higher than the previous quarter’s 7.2 percent growth, which has been revised down from 7.3 percent estimated earlier. The CSO has also revised GDP growth rate for previous quarters of 2015-16 -- 7.5 percent for April-June, 7.6 percent for July-September.

The impressive growth was mostly thanks to good performance by the manufacturing and farm sectors. At 7.6 percent, the fiscal growth was the fastest in five years.

Official data released by the Central Statistics Office (CSO) said India’s real GDP stood at an estimated Rs113.50 lakh crore, clocking a growth rate of 7.6 percent over the official revised estimates of GDP from the previous fiscal.

Sectors that grew at over seven per cent include finance, real estate and professional services (10.3 per cent), followed by manufacturing (9.3 percent), trade, hotels, transport, communication and services related to broadcasting (9 percent), and mining and quarrying (7.4 percent).

The agriculture, forestry and fishing sector grew at 1.2 per cent; construction at 3.9 per cent; electricity, gas and utility services at 6.6 per cent; and public administration, defence and other services at 6.6 per cent.

The 7.6 per cent growth rate for 2015-16 is the same as projected by the CSO in its advance estimates of national income earlier in February this year.

With PTI inputs

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