India’s GDP Increased to 7.4 Percent

In an official data released on Monday, The last quarter of fiscal 2009-2010, registered a growth rate of 8.5%. the reports also revealed that the gross domestic product (GDP) for 2009-10 has lifted to 7.4 percent which shows that the Indian economy is again in a state of “progress”.

The economy had registered a 6.1 percent growth in the first quarter, 7.9 percent in the second, but dropped to a modest 6 percent in the third.

The growth is encouraging enough to fill in hopes that Indian Economy will move on to close to 9% growth in current fiscal.

This year, the maximum growth is recorded in the mining and quarrying sector. They grew by 14 percent and manufacturing by 16.3 percent. Apart from that, Hotels and transport services also grew by 12.4 percent. Financial services rose by 7.9 percent.

During the fiscal under review, manufacturing grew by 10.8 percent, mining by 10.6 percent, hotels, financial services by 9.7 percent and transport and communication by 9.3 percent.

Moreover, per capita income which was recorded as Rs. 40,141 has now increased by 10.5 percent. Now it is Rs. 44,345.

The Reserve Bank of India is expected to raise key policy rates at the second quarterly review of monetary policy on July 27 due to the rising inflation rate.