Indian Economy Recovers by 6.1 Percent
Sept. 1 – India’s economy grew by 6.1 percent from April to June despite the previous quarter’s 5.8 percent growth and the economic crisis stunting its manufacturing and services sectors.
According to Delhi’s Central Statistical Organization, mining, electricity and financing sectors performed well during the quarter while there was a registered slowdown in trade, hotels, transport and communication industries. The Hindu reports that manufacturing was down to 3.4 percent from 5.5 percent and agriculture slowed to 2.4 percent from 3 percent compared to last year.
The best performing industries during the quarter was electricity generation and mining, each growing by 6.2 percent and 7.9 percent, respectively and higher than 2008 growth.
The finance, insurance, real estate and business services industry grew by 8.1 percent from 6.9 percent while construction dipped to 7.1 percent from 8.4 percent. Community services also posted a loss at 6.8 percent growth from 8.2 percent.
The respectable GDP growth aligns with government and Reserve Bank of India forecasts which predict that GDP growth will reach six percent with an upward bias says The Hindu.