GOOD NEWS

GDP growth revised upwards to 7.6 per cent

gdp-tevised-growth An under construction high-rise residential tower is pictured behind an old residential building in Mumbai | Reuters
  • The government forecast that GDP growth for the fiscal year ending in March 2016 would accelerate to 7.6 per cent from a revised 7.2 per cent a year earlier.

India's economic growth expectedly eased in the quarter through December, data showed on Monday, adding pressure on Prime Minister Narendra Modi's administration to expedite stalled reforms in the upcoming parliament session.

Gross domestic product (GDP) grew an annual 7.3 per cent in the latest quarter, in line with the forecast of analysts in a Reuters poll, and lower than a revised 7.7 per cent growth in July-September.

Economic growth for the April-June quarter was surprisingly marked up to 7.7 per cent from a provisional 7 per cent reported earlier.

The government also forecast that GDP growth for the fiscal year ending in March 2016 would accelerate to 7.6 per cent from a revised 7.2 per cent a year earlier.

Even though the economy lost steam in the last quarter, its pace of expansion was faster than 6.8 per cent growth posted by China in the same quarter.

However, very few economists are ready to take the official data at face value, which they say is at odds with weak exports, railway freight, cement production, investment and flat order books that point to weakness in the economy.

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Topics : #GDP | #economy

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