Indian economy grows |
The Indian economy grew at a more rapid 7.4% during July-September on the back of higher activity in manufacturing as well as most services sectors.The expansion was more rapid than the 7.1% rise during April-June 2015, but slower than the 8.4% growth registered during the second quarter of the last financial year.The acceleration in economic growth will come as a boost to the government, which has identified getting the economy back on rails as the top-most priority. The government expects the economy to grow at over 8%, although economists see a 7.5% expansion to be more feasible.The government is expected to revise downwards the growth projection for the year.India is seen as a bright spot given the contraction witnessed in some of the other emerging market economies such as Brazil and Russia, while China has seen a slowdown in recent months.Yet, demand remains weak prompting companies to go slow on fresh investment, seen to be critical to boost job creation.Data released by the Central Statistics Office showed that a major boost came from manufacturing, seen to be critical for a rise in employment.
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