India logs 7.4 percent growth in second quarter
New Delhi, Nov 30 (IANS) The Indian economy grew 7.4 percent in the second quarter ended September, showing some improvement over the 7 percent expansion in the quarter before but a notch lower than the 8.4 percent registered in the same quarter of the last fiscal.
As per official data on gross domestic product (GDP) released by the Central Statistics Office (CSO) under the statistics and programme implementation ministry showed the growth of 7.4 percent was led mainly by expansion in commercial and financial services and manufacturing output.
GDP, which is the aggregate market value of all the goods and services produced in the country, had expanded by 8.4 percent in the corresponding quarter of last fiscal.
“GDP at constant (2011-12) prices in Q2 of 2015-16 is estimated at Rs.27.57 lakh crore, as against Rs.25.66 lakh crore in Q2 of 2014-15, showing a growth rate of 7.4 percent,” a statement quoted the CSO as saying.
“Quarterly GVA (gross value added) at Basic Price at constant (2011-12) prices for Q2 of 2015-16 is estimated at Rs.25.80 lakh crore, as against Rs.24.02 lakh crore in Q2 of 2014-15, showing a growth rate of 7.4 percent over the corresponding quarter of previous year,” it added.
The GVA, which is a gauge to measure the value of goods and services produced in a particular sector or a grouping of industries, had stood at 8.4 percent in the corresponding quarter of last fiscal.
According to the data released, economic activities which registered growth of over 7 percent in Q2 of 2015-16 over Q2 of 2014-15 are “trade, hotels and transport, communication and services related to broadcasting, financial, insurance, real estate and professional services and manufacturing”.
During this period, the growth in agriculture, forestry and fishing was 2.2 percent, mining and quarrying grew 3.2 percent, electricity, gas, water supply and other utility services’ growth was 6.7 percent, construction at 2.6 percent, and public administration, defence and other services grew 4.7 percent, CSO said.