Indian economy grows by 7.6 pc in Q2 Vs 9.3 pc yr ago

New Delhi, Nov 28 (PTI) Dispelling fears of a major
slowdown, the Indian economy grew by 7.6 percent in the
second quarter of current fiscal due to decent performance by
the construction and services sectors, though the growth is
moderate compared with 9.3 percent in the year-ago period.

For the first half of this fiscal, the economy, measured
as Gross Domestic Product (GDP), rose by 7.8 percent compared
with 9.3 percent a year ago, an official release said Friday.

The government has been projecting the economy to grow
between 7-8 percent this fiscal, while Reserve Bank's
projection ranges from 7.5-8 percent.

While agriculture and allied sectors growth slipped to
2.7 percent in the second quarter from 4.7 percent a year
ago, mining and quarrying could post a growth of 3.9 percent
compared with 5.5 percent.

Manufacturing sector, however, show a marked deceleration
recording a growth of five per cent, down from a high of 9.2
percent in the second quarter of previous fiscal.

Electricity generation and related sectors, too, recorded
a modest growth of 3.6 percent compared with 6.9 percent in
the year-ago period.

Among those sectors which performed well, construction
sector grew by 9.7 percent in the second quarter, even though
it was down from 11.8 percent in the corresponding period
last fiscal.

In services group, trade, hotels, transport and
communication rose at the rate of 10.8 percent, marginally
down from 11 percent in the second quarter last fiscal.

Even the financial and related sectors recorded a growth
of 9.2 percent, compared with 12.4 percent, while growth in
the community, social and personal services remained more or
less at the same level. PTI IND
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