Economy Records Better than Expected 7.9% Growth in Second Quarter

Rebounding strongly, the Indian economy has registered a GDP growth of 7.9 per cent in second quarter, better than expected.

In the first quarter, a growth of 6.1 per cent was recorded and in last fiscal, it was 7.7 per cent.

The strong growth in GDP rate was attributed to the manufacturing sector which grew at 9.2 per cent in the second quarter as compared to 5.1 per cent last year.

In spite of concerns over monsoons, a positive growth of 0.9 per cent was recorded in comparison to 2.7 per cent last year.

In the second quarter, the construction sector saw a growth at rate of 6.5 per cent, while financing, insurance, real estate 7.7 per cent.

Planning Commission deputy chairman Montek Singh Ahluwalia said that the stronger-than-expected GDP numbers has raised the possibility of revising the FY10 GDP growth target above 6.5 per cent.

He added that the second quarter GDP data shows that the economy is back to its normal growth trajectory.

On the Dubai debt crisis, he said that it is not seen to have a huge impact on India. The exposure of Indian banks to Dubai is ‘very very low’, he added.
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