The Gross Domestic Product (GDP) grew at 7.4 per cent for 2009-10, higher than the February projection of 7.2 per cent. Driven by a robust performance by the manufacturing sector, the Indian economy grew by 8.6 per cent in the last quarter of 2009-10. The manufacturing sector grew by 16.3 per cent in the fourth quarter (January-March 2009-10) and 10.8 per cent in the fiscal. The Central Statistics Organisation also revised upwards the growth rates for 2nd and Third quarter of 2009-10 on better- than-expected performance by manufacturing, mining and quarrying industries than first thought. There was no decline in agriculture growth in 2009-10, despite widespread drought and floods hitting the farm output. Following the global financial crisis, the GDP had moderated to 6.7 per cent in 2008-09 after recording a growth rate of 9 per cent in the three preceding years.Meanwhile, bolstered by a 7.4 per cent growth rate in 2009-10, Finance Minister Pranab Mukherjee on Monday exuded confidence that the economy would expand by over 8.5 per cent in the current fiscal. Talking to reporters in New Delhi, he said, it may go beyond 8.5 per cent.
News On AIR | May 31, 2010 1:44 PM
GDP growth for 2009-10 at 7.4 per cent, higher than projected