Thursday, December 7, 2023

India grows at 5.3 percent in second quarter

New Delhi, Nov 28 (IANS) The Indian economy logged a 5.3 percent growth in the second quarter of the current fiscal, official data showed Friday, in what has come as a pleasant surprise to many who were anticipating a slightly lower rate of expansion.

Yet, the manufacturing growth was a mere 0.1 percent, making a case for the Reserve Bank of India (RBI) to lower interest rates and allow more flow of funds to Indian industry when it reviews the monetary policy for this fiscal Tuesday.

As per data on gross domestic product released by the Central Statistics Office, the growth was primarily led by the output of social services – up 9.6 percent, financial sector – up 9.5 percent and utilities like electricity and water – up 8.7 percent.

The farm sector also registered an impressive growth of 3.2 percent.

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