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Economy bullish, GDP grows 7.5%

Published On : 30 May 2015


New Delhi (DHNS): India leads the world, beats China India has overtaken China to become the world’s fastest growing economy by clocking 7.5 per cent gross domestic product (GDP) growth for the March (fourth) quarter, prompting Finance Minister Arun Jaitley to say that the economy is clearly on “a recovery path”.

China’s GDP had grown only 7 per cent in the same quarter. Full-year growth for the fiscal year ending in March came in at 7.3 per cent, data on Friday showed, up from 6.9 per cent in 2013-14, a tad lower than an official estimate of 7.4 per cent.

On a sequential basis, the GDP improved from 6.6 per cent in the third quarter (October-December) of financial year 2014-15. But the third quarter numbers were originally estimated at 7.5 per cent. On Friday, the Central Statistics Office (CSO) sharply revised it down to 6.6 per cent, taking a little sheen off the growth story. Incidentally, the earlier 7.5 per cent estimate for the December quarter had led to celebrations at that time since it was higher than China’s growth for the same period.

But such concerns were far from the mind of Jaitley, when he dismissed ex-prime minister Manmohan Singh’s comments that recovery in the economy was “very fragile”. Jaitley on Friday said that an economy growing at the fastest pace in the world cannot be ‘fragile’.

“In a global slowdown situation, to have the fastest growth rate in the world certainly does not make Indian economy fragile,” he told reporters. The fourth quarter GDP data, Jaitley said, “gives us a broad idea of how the Indian economy is moving. It is absolutely clear that the economy is in a recovery mode”.

The performance of manufacturing and services indicates that “we have a potential to grow at 8-9 per cent and beyond”, the minister added. While manufacturing sector output grew by 8.4 per cent in the fourth quarter, the services sector clocked a robust growth rate of 14.1 per cent. But agriculture still remains a concern, since retreated by 1.4 per cent, according to CSO data.

Photo credit: dhns







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