India's economy grows annual 9.2% in Q2

Thursday, November 30, 2006

India's economy has grown by 9.2 percent in Q2 (July-September) of the fiscal year 2006-07, which was 8.4 percent last year for the same quarter.

The annual growth rate, of Asia's fourth-largest economy, for the quarter is also higher than that of the last quarter's (April-June), which was 8.9 percent. India's annual economic growth has been an average of 8 percent since past three fiscal years.

According to Central Statistical Organisation, real estate and communications-led services recorded an unexpected increase of 13.9% in the quarter.

Manufacturing sectors, which contribute 17 percent in the GDP, have been recorded 11.9 percent growth comparing to last year's 11.3 percent for the same quarter.

Reserve Bank of India hiked repo rate by 0.25 percent to 7.25 percent, keeping the reverse repo rate unchanged at 6% on October 31. Governor Yaga Venugopal Reddy said that production capacity must match with demand pressure in the economy to prevent inflation flaring up.

Finance minister P. Chidambaram said that he was very worried about the higher inflation rate due to supply side constraints.

Sources

"India accelerates economic growth" — BBC News Online, November 30, 2006
Cherian Thomas. "India's Economic Growth Unexpectedly Quickens to 9.2% (Update3)" — Bloomberg L.P., November 30, 2006
PTI. "GDP grows at 9.2% in Q2, agri declines to 1.7%" — Economic Times, November 30, 2006
"UPDATE 1-Indian GDP grows annual 9.2 pct in July-Sept qtr" — Reuters, November 30, 2006

Share this:

This page is archived, and is no longer publicly editable.

Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License