CorporateEconomy grows by 6.1% in Q1, vs 7.8% yr ago
The country managed a reasonable economic growth of 6.1 per cent during the first quarter of the current fiscal despite the global financial crisis impacting manufacturing and certain services like hotels.
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The Gross Domestic Product (GDP) growth rate during April-June 2009 at 6.1 per cent was higher than 5.8 per cent in the previous quarter, though it witnessed a decline when compared to 7.8 per cent economic expansion recorded during the corresponding period of the last fiscal.
The government and Reserve Bank have been maintaining that the Indian economy will grow by six per cent growth with upward bias. If agriculture growth does not crash and this trend continues, growth this fiscal would be in line with the expectations of the authorities.
Mining and electricity among industrial sector, and financing among services sector posted higher growth of 7.9, 6.2 and 8.1 per cent, respectively, in the first quarter of this fiscal, against 4.6, 2.7 and 6.9 per cent a year ago.
Construction and community services also managed good growth of 7.1 and 6.8 per cent against 8.4 and 8.2 per cent, respectively.
However, agriculture and manufacturing expanded at a slower rate of 2.4 and 3.4 per cent against three and 5.5 per cent, respectively.
Growth in services like hotels, trade, transport and communication was significantly lower at 8.1 per cent against 13 per cent.