NEW DELHI: India’s economic growth accelerated to 7.4 per cent in the July-September quarter, overtaking China as the world’s fastest growing major economy, on pick up in manufacturing, mining and services sectors.
The signs of recovery in the GDP, from a growth rate of 7 per cent in the previous quarter ended June 30, follows a series of rate cuts announced by the RBI in recent months and bolstered the case for the central bank to hold onto its rate at its scheduled monetary policy review meeting tomorrow.
However, the growth rate for the latest quarter was far below 8.9 per cent recorded in the July-September quarter of the previous fiscal.
Still, the GDP expansion by 7.4 per cent in the second quarter of the current fiscal bettered 6.9 per cent growth in China for the same period. Russia contracted by 4.1 per cent while it is forecast that Brazil may have shrank 4.2 per cent in the same period.
The Gross Value Added (GVA), a new concept introduced by Central Statistics Office (CSO) to measure the economic activity, also accelerated during the second quarter to 7.4 per cent, from 7.1 per cent in the April-June period. (AGENCIES)
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