Indian economy grows at 5.3%

New Delhi: Indian economy grew at a better-than-expected rate of 5.3 % in July-September quarter on account of improved performance of mining, power and certain services sectors.

The Gross Domestic Growth in the second quarter was better than 5.2 % of the same period last fiscal but was slower than 5.7 % rate achieved in April-June quarter of current fiscal. There were expectations that September quarter growth would fall to 5-5.1 % range.

According to data released here on Friday by the Central Statistics Office (CSO), the economic growth in first half (April-September) of this fiscal was 5.5 % as compared to 4.9 % in the same period in 2013-14.

The mining sector grew by 1.9 % in July-September quarter compared a flat output in same period year-ago. During April-September, the sector grew by 2 % compared a contraction of 2 % in corresponding period of 2013-14.

However, manufacturing sector recorded a meager growth of 0.1 % in the second quarter of 2014-15 as against a growth of 1.3 % in same period of 2013-14. During April-September period, the sector grew by 1.8 % compared to a growth of 0.1 % in first half of previous fiscal.

Electricity, gas and water supply segment grew by 8.7 % in second quarter compared to 7.8 % in same period last year. During first half of this fiscal, the segment grew by 9.5 % compared to 5.8 % in six month period of 2013-14.

The farm sector, which includes agriculture, forestry and fishing, recorded deceleration in growth at 3.2 % in second quarter compared to 5 % a year ago. During April-September, the sector grew by 3.5 % compared to 4.5 % in the same period a year ago.

The community, social and personal services sector grew at 9.6 % in second quarter compared to 3.6 % in the same period last year. During April-September, the segment grew by 9.4 % compared to 6.8 % in the six month period of 2013-14.

LEAVE A REPLY

Please enter your comment!
Please enter your name here