India’s economy expands 5.7% in Q2
01/09/2014 00:08
In a major boost to the recently elected BJP government led by the charismatic Narendra Modi, India’s economy expanded at the fastest pace in more than two years last quarter helped by a revival in investment amid a strong political mandate and hopes of key reforms, signaling a turnaround in fortunes for Asia’s third biggest economy. Gross Domestic Product (GDP) expanded by 5.7 per cent in the April-June quarter of FY 2014-15 from the same period a year ago, the fastest pace of expansion since the last quarter of FY 2011-12, government data showed on Friday. Analysts were expecting India’s economy to expand by 5.5 per cent in Q1 FY 2014-15 from the same period a year ago. In Q4 FY 2013-14, the economy grew by 4.6 per cent from the same period a year ago. The latest data means that the economy has bounced back into the 5 per cent plus growth trajectory while implementation of key reforms promised by the Modi government will provide a further impetus to growth, going forward. Manufacturing output grew 3.5 per cent in Q1 FY 2014-15, compared to a 1.2 per cent contraction in Q1 FY 2013-14. The mining sector grew by 2.1 per cent in Q1 FY 2014-15. Gross fixed capital formation, a proxy for asset creation and investment surged by 7 per cent in Q1 FY 2014-15.
01/09/2014 00:08
In a major boost to the recently elected BJP government led by the charismatic Narendra Modi, India’s economy expanded at the fastest pace in more than two years last quarter helped by a revival in investment amid a strong political mandate and hopes of key reforms, signaling a turnaround in fortunes for Asia’s third biggest economy. Gross Domestic Product (GDP) expanded by 5.7 per cent in the April-June quarter of FY 2014-15 from the same period a year ago, the fastest pace of expansion since the last quarter of FY 2011-12, government data showed on Friday. Analysts were expecting India’s economy to expand by 5.5 per cent in Q1 FY 2014-15 from the same period a year ago. In Q4 FY 2013-14, the economy grew by 4.6 per cent from the same period a year ago. The latest data means that the economy has bounced back into the 5 per cent plus growth trajectory while implementation of key reforms promised by the Modi government will provide a further impetus to growth, going forward. Manufacturing output grew 3.5 per cent in Q1 FY 2014-15, compared to a 1.2 per cent contraction in Q1 FY 2013-14. The mining sector grew by 2.1 per cent in Q1 FY 2014-15. Gross fixed capital formation, a proxy for asset creation and investment surged by 7 per cent in Q1 FY 2014-15.
