The Indian economy grew by 7.4 percent in the year ending in March, supported by strong performance in the industrial and services sectors, according to official data released on Monday.
The rate is slightly higher than the government had forecast, expecting growth of 7.2 percent. The manufacturing sector grew by 10.8 percent in the recently concluded financial year, while the construction and utilities sectors grew by 6.5 percent, and the transport and communications sector jumped by 9.3 percent, according to data from the Central Statistical Organization (CSO). In the fourth quarter of the financial year, India’s GDP grew by 8.6 percent year-on-year, falling short of economists’ expectations. Responding to the released data, Indian Finance Minister Pranab Mukherjee told reporters that he expects "the preservation of the current economic momentum." Mukherjee stated that he expects the Indian economy to grow by 8.5 percent in the current fiscal year ending in March 2011.
