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.
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