India economy sees 7.6% annual growth

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Reuters

India’s economy grew by 7.6% in 2015-16, up from 7.2% the year before, as the country retained its place as the world’s fastest-growing major economy.

And quarterly economic growth leapt to 7.9% in the three months to April from a revised 7.2% in the previous quarter, government data shows.

That acceleration was greater than analysts had predicted.

Finance Minister Arun Jaitley said with China slowing, the world was seeking “other shoulders to rest… growth on”.

Speaking at The Future of Asia conference, he said that India, with planned infrastructure spending, could be a very powerful economic driver.

The sectors which registered growth of more than 7% during the year were; financial, real estate and professional services (10.3%), manufacturing (9.3%), trade, hotels, transport, communication and services related to broadcasting (9%), and mining and quarrying (7.4%).

Agriculture, forestry and fishing grew by 1.2% and construction by 3.9%. Electricity, gas, water supply and other utility services posted growth of 6.6%, as did the public administration, defence and other services sector.

The release of the quarterly GDP estimate for the April-June quarter, the first quarter of 2016-17, will be released on 31 August.

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India economy sees 7.6% annual growth
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