Indian Economy Grows by 8.8%

By admin • August 31st, 2010

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The Indian Economy grew by 8.8% for the second quarter of the year ending in June. Growth was spurred by the manufacturing sector and could have been larger, but for the financial service sector. Other sectors such as agriculture also grew at 2.9%, 1% higher than this time last year.

Growth in the financial sector was recorded at 8% compared to 11.8% last year. However this is due to the global crisis rather than the Indian financial industry itself.

The manufacturing sector was the most impressive in terms of growth at 12.4%, a massive increase on the 3.8% growth rate recorded at this time last year. Construction too grew by 7.5% up from 4.6%. In addition to these, trade, hotels and communication services increased by a staggering 12.2%, up from 5.5% during 2009.

The Indian government does expect the economy to grow by 8.5% during the fiscal year. With the growth rate for the second quarter of the year up by 0.2% for the first quarter, these targets do look achievable.

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