NEW DELHI: According the Central Statistics Office (CSO), the Gross Domestic Product (GDP) or economic growth is estimated at 7.3% in October-December quarter of this fiscal.
Indian economy is expected to record a five-year high growth rate of 7.6% in 2015-16 on improved performance in manufacturing and farm sectors.
CSO has also revised upwards the GDP growth estimates for April-June and July-September quarters to 7.6% and 7.7% from earlier calculation of 7% and 7.4%, respectively. At 7.6%, India would be growing at the fastest pace in the last five years. The previous high was recorded at 8.9% in 2010-11.
The real Gross Value Addition, a new concept introduced by CSO to measure economic growth, is projected at 7.3% in this fiscal against 7.1% in 2014-15. The manufacturing sector is estimated to grow at 9.5% in 2015-16, up from 5.5% a year ago.
Similarly, in case of agriculture sector, the growth has been projected at 1.1% as against decline of 0.2% a year ago. The growth of mining and quarrying sector, electricity and power supply and other services is likely to witness deceleration during the current financial year.
Commenting on the GDP data, Economic Affairs Secretary Shaktikanta Das said, “The direction of the numbers is very positive. The policy and reform measure the government has undertaken in last one and a half years are beginning to show results.”