India's economic growth increased to 7.4 percent in the July-September quarter. The Gross Value Added (GVA), a new concept introduced by Central Statistics Office (CSO) to measure the economic activity, also increased during the second quarter to 7.4 per cent, from 7.1 per cent in the April-June period.The GDP grew at 8.4 per cent in the July-September quarter previous year while it was 6.7 per cent in the April-June quarter previous fiscal, according to data from the Central Statistics Office. According to the statement, the economic activities which registered growth of over 7 per cent in the second quarter are trade, hotels and transport & communication and services related to broadcasting, financial, insurance, real estate and professional services and manufacturing.The growth rate of eight core sectors industries decreased to 3.2 percent in October from a year earlier on account of decrease in crude oil and steel production. The eight core industries — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — with a total weight of nearly 38 percent in IIP had grown at 9 percent in the same month previous year.The growth rate in September too was 3.2 percent. The cumulative growth rate in April-October of 2015-16 came in at 2.5 percent, lesser than 5.6 percent in the first seven months of the last fiscal. According to data announced by the Ministry of Commerce and Industry today, crude oil, natural gas, refinery products and steel recorded negative growth in October.Crude oil and steel production decreased by 2.1 percent and 1.2 percent, respectively, from a growth of 1 percent and 14.2 percent a year before. The output of natural gas and refinery products decreased 1.8 percent and 4.4 percent, respectively.