India’s gross domestic product (GDP) grew 4.8 per cent in the second quarter ended September 30, higher than 4.4 per cent in Q1 which seems to suggest the slowdown has bottomed out. The growth was led by utilities sector besides a double-digit rise in financing, insurance, real estate and business services as a whole.
The top performer was clearly ‘financing, insurance, real estate and business services’ which recorded growth of 10 per cent against 8.9 per cent in Q1 and 8.3 per cent in Q2 last year.
Another sector which saw better-than-average growth is utilities with ‘electricity, gas and water supply’ clocking a 7.7 per cent growth, more than double of 3.7 per cent in Q1 and 3.2 per cent in Q2 last year.
Among other key economic activities, ‘agriculture, forestry and fishing’ grew 4.6 per cent, construction recorded 4.3 per cent increase and ‘community, social and personal services’ rose 4.2 per cent. The growth rates in mining and quarrying was pegged at (-) 0.4 per cent, manufacturing at 1 per cent and ‘trade, hotels, transport and communication’ at 4 per cent in this period.
(Edited by Joby Puthuparampil Johnson)