vIndianz.com (Nov 30, 2009) — Belying predictions and misconceptions, the Indian economy grew by a considerable 7.9% in the second quarter of this financial year, up from 6.1% in the preceding quarter, fundamentally due to a good performance by the industry and the services sector.
The development compares favorably to 7.7% recorded in the July-September quarter in the preceding year. As a result, the economy rose by 7% in the first half ending September 30 of the present financial year on the back of incentive packages and renewal of domestic demand, giving hopes that concluding figures for the year possibly will be much higher.
The government, together with finance minister Pranab Mukherjee, the Reserve Bank and the Planning Commission had predicted a development of about 6-7%, while global agencies and analysts predicted it to be even lower.
Further Reading- Canada First-Quarter Gross Domestic Product (Text) – Bloomberg
- Bid hopes lift FTSE 100 engineers – Financial Times
- BJP says govt has more faith in CBI – Indian Express
- Hasbro profit tumbles; still bullish on 2011 – Reuters
- Airbus Lifts Demand Outlook as Emerging Markets Boom – Bloomberg
- Australia’s Economy Contracts in First Quarter – New York Times
- China’s economic growth picks up pace – CNNMoney
- Gold Trades Near Record on Concern US Economy May Need Further Stimulus – Bloomberg
- US economy grew at tepid 1.9% during first quarter – AHN | All Headline News
- India’s Economy Expands 8.9 Percent – New York Times
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