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GDP growth rate slips to 7.6% in second quarter
November 29, 2008: Aided by reasonably healthy performances by construction and services sectors, the Indian economy notched up a growth rate of 7.6 per cent during the second quarter this fiscal even in the wake of the spill-over effects of the global financial meltdown.
Pulled down by the poor show by sectors such as manufacturing, agriculture and mining, the GDP (gross domestic product) growth during July-September this fiscal, although significantly lower than the 9.3 per cent growth achieved in the same quarter of 2007-08, still belied general expectations in view of the slowdown creeping into various sectors of the economy.
According to official data released here on Friday, the moderation to 7.6 per cent during the second quarter has also resulted in the GDP growth slipping to 7.8 per cent during the first half of 2008-09 from the robust 9.3 per cent growth rate achieved during the same six-month period last fiscal.
However, in the wake of the meltdown when developed economies are slipping into recession, Finance Minister P. Chidambaram termed the 7.8 per cent growth during the half-year as “healthy” and “satisfactory”.
Source: The Hindu