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Indian economy grew by 7.4% in Q2 of FY 2015-16: CSO

Dec 3, 2015 11:05 IST

CSO on 30 November 2015 announced that India’s Gross Domestic Product (GDP) grew by 7.4 percent in the second quarter (July-September) of 2015-16 financial year compared to the same period during 2014-15. CSO stands for Central Statistical Office and is a part of the Ministry of Statistics and Programme Implementation.

The high growth rate became a possibility due to 10.6 percent registered by Trade, hotels and Transport and communication and services related to broadcasting sectors.

The manufacturing sector also grew by 9.3 percent compared to 7.9 percent in Q2 of FY 2014-15.

With 7.4 percent growth, India continues be the fastest growing large economy in the world in 2015. In early 2015, India had overtaken China as the world’s fastest growing major economy in the January-March quarter, growing 7.5 per cent against China’s 7 per cent.

India further continued the growth momentum in the April-June quarter with 7 percent.

Highlights of the CSO estimates

• GDP at constant (2011-12) prices in Q2 of 2015-16 is estimated at 27.57 lakh crore, as against 25.66 lakh crore in Q2 of 2014-15, showing a growth rate of 7.4 percent.
• The economic activities which registered growth of over 7.0 percent trade, hotels and transport and communication and services related to broadcasting, financial, insurance, real estate and professional services and manufacturing.
• Area wise growth: Agriculture, forestry and fishing (2.2), mining and quarrying (3.2), electricity, gas, water supply and other utility services (6.7), construction (2.6) and public administration, defence and other services (4.7).
• Gross Fixed Capital Formation (GFCF): In terms of GDP, the rates of GFCF at current and constant (2011-2012) prices during Q2 of 2015-16 are estimated at 28.3 per cent and 30.1 per cent, respectively, as against the corresponding rates of 28.9 per cent and 30.3 per cent, respectively in Q2 of 2014-15.

Comment

As per a recent forecast of the International Monetary Fund (IMF), India will remain as the fastest growing major economy during 2015. It will grow at 7.5 per cent in 2015 compared with China’s 6.8 per cent and 3.3 per cent of advanced nations during the same period.

Volatility in China’s stock markets in recent times coupled with its shrinking economic activities especially in the manufacturing sector are expected to result in India’s predominance over China in terms of growth rates.

However, India’s growth momentum largely depends on growth in the agriculture sector which grew by 2.2 percent despite the weak monsoon.

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