Indian economy grew at a better- than-expected rate of 5.3 per cent in July-September quarter on account of improved performance of mining, power and certain services sectors.
The Gross Domestic Growth in the second quarter was better than 5.2 per cent of the same period last fiscal but was slower than 5.7 per cent rate achieved in April-June quarter of current fiscal. There were expectations that September quarter growth would fall to 5-5.1 per cent range.
According to data released here today by the Central Statistics Office (CSO), the economic growth in first half (April-September) of this fiscal was 5.5 per cent as compared to 4.9 per cent in the same period in 2013-14.
The mining sector grew by 1.9 per cent in July-September quarter compared a flat output in same period year-ago. During April-September, the sector grew by 2 per cent compared a contraction of 2 per cent in corresponding period of 2013-14.
However, manufacturing sector recorded a meagre growth of 0.1 per cent in the second quarter of 2014-15 as against a growth of 1.3 per cent in same period of 2013-14. During April-September period, the sector grew by 1.8 per cent compared to a growth of 0.1 per cent in first half of previous fiscal.
Electricity, gas and water supply segment grew by 8.7 per cent in second quarter compared to 7.8 per cent in same period last year. During first half of this fiscal, the segment grew by 9.5 per cent compared to 5.8 per cent in six month period of 2013-14.
The farm sector, which includes agriculture, forestry and fishing, recorded deceleration in growth at 3.2 per cent in second quarter compared to 5 per cent a year ago. During April-September, the sector grew by 3.5 per cent compared to 4.5 per cent in the same period a year ago.
The community, social and personal services sector grew at 9.6 per cent in second quarter compared to 3.6 per cent in the same period last year. During April-September, the segment grew by 9.4 per cent compared to 6.8 per cent in the six month period of 2013-14.
According to the data, the financial services sector grew at 9.5 per cent in second quarter compared to 12.1 per cent in July-September last year. During April-September, the segment grew by 10 per cent compared to 12.5 per cent in first of half of previous fiscal.