Indian economy is estimated to grow at 7.4 per cent in 2014-15 against 6.9 per cent in previous year. The estimate is based on new formula. According to estimates released by Central Statistics Office today, economy grew at 7.5 per cent during the October – December 2014 quarter. The GDP growth for first quarter of 2014-15 has been revised to 6.5 per cent as opposed to 5.7 per cent estimated earlier. GDP growth for the second quarter has been revised to 8.2 per cent from 5.3 per cent estimated earlier. The Central Statistics Office had revised its base year to 2011-12 and released revised annual estimate of National Income and other macroeconomic aggregates on 30th of last month.