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2010-11-30 07:44:05
Raisina Hill, which houses important government buildings, as the sun sets in
the horizon, in New Delhi, India India is the world's second fastest-growing
major economy
India's economy grew faster than expected in the second quarter of its
financial year, figures show.
In the three months to September, gross domestic product (GDP) was up 8.9% from
the same period last year.
Although only the world's 11th biggest economy, India is the second
fastest-growing major economy, behind China.
Strong farm production, increased vehicle sales and growing bank lending helped
to boost the growth rate, India's statistics agency said.
There was a 9.8% jump in manufacturing from a year before, and an 8.8% increase
in construction, while farming output was up 4.4%.
Meanwhile, the growth rate for the first quarter was revised upwards to 8.9%
from 8.8%.
Some analysts believe the strong performance could lead the central bank to
introduce monetary tightening to restrict inflation, running at 8.58%.
Interest rates have been raised six times since the start of the year and the
Reserve Bank of India has said bringing down inflation remains a priority.
On Tuesday, Finance Minister Pranab Mukherjee said India could achieve GDP
growth of between 8.5% and 8.75% in the current financial year, which ends in
March 2011.