In the July-September period ? the second quarter of the fiscal year 2010/11 ? gross domestic product (GDP) expanded 8.9% over the same period last year. The reading matched the previous quarter's 8.9% expansion (previously reported: +8.8% year-on-year) and overshot market expectations, which had growth softening to 8.2%. The unchanged quarterly reading mostly reflected how a better performance in the services and agriculture sectors offset a deceleration in the industrial sector. Growth in manufacturing output dropped from 13.0% in the first quarter to 9.8% in the second. In contrast, the hotels, trade, transport, and communications sector, which accounts for more than a quarter of total output, added a robust 12.1% (Q1 2010/11: +10.9% yoy), while the financial services, real estate, and business services sector improved to a 8.3% expansion (Q1 2010/11: +7.9% yoy). In addition, the important agricultural sector accelerated from a 2.5% increase in the first quarter to 4.4% expansion in the second. Finance Minister Pranab Mukherjee, recently raised the government's fiscal-year 2010/11 growth forecast to 8.75% from the 8.5% expected earlier. Meanwhile, the Reserve Bank of India anticipates GDP will expand 8.5% this year.
Third quarter growth beats expectations amid strong growth in services
December 1, 2010
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India Economic News
October 17, 2016
Recently-released data related to India’s external sector showed that the trade deficit totaled USD 8.3 billion in September, which was a smaller shortfall than the USD 10.2 billion gap recorded in September 2015 (August 2016: USD 7.7 billion deficit).
October 15, 2016
In September, consumer prices fell 0.23% from the previous month, which followed August’s flat growth.
October 12, 2016
The fall in industrial production moderated in August, after recording the largest contraction since November 2015 in July.
October 5, 2016
Activity in India’s manufacturing sector lost steam in September.
October 4, 2016
The newly facelifted Reserve Bank of India (RBI) decided to ease monetary policy at a scheduled meeting on 4 October, cutting the repurchase rate from 6.50% to 6.25%—an over five-year low.