India�s economy grows by 7.4pc in Q2

AFP, MUMBAI: India’s economy grew by 7.4 per cent in the second quarter, official figures showed yesterday, outperforming China and slightly ahead of analysts’ expectations.
Growth in the three months to the end of September quickened to 7.4 per cent year-on year from 7 per cent in the previous quarter, according to statistics ministry data.
The figures for the second quarter of the financial year were marginally higher than the median forecast of 7.3 per cent in a survey of economists by Bloomberg News. They also bettered China’s 6.9 per cent increase in Gross Domestic Product (GDP) recorded for the same period and reported by Beijing last month.
The figures are a boost for Indian Prime Minister Narendra Modi and his ruling party which suffered a drubbing at a key state election earlier this month.
Modi has made boosting economic growth a priority since sweeping to power in a general election in May 2014 and India has now recorded three straight quarters of growth above seven per cent. But investors have raised concerns about the pace of promised economic reform needed to create jobs for India’s tens of millions of young people.
Investors are hoping Modi’s government will be able to reach a consensus with opposition parties and push reforms through the current session of parliament, including one that paves the way for a long-awaited national sales tax. 

India�s economy grows by 7.4pc in Q2

AFP, MUMBAI: Indias economy grew by 7.4 per cent in the second quarter, official figures showed yesterday, outperforming China and slightly ahead of analysts expectations. Growth in the three months to the end of September quickened to 7.4 per cent year-on year from 7 per cent in the previous quarter, according to statistics ministry data. The figures for the second quarter of the financial year were marginally higher than the median forecast of 7.3 per cent in a survey of economists by Bloomberg News. They also bettered Chinas 6.9 per cent increase in Gross Domestic Product (GDP) recorded for the same period and reported by Beijing last month. The figures are a boost for Indian Prime Minister Narendra Modi and his ruling party which suffered a drubbing at a key state election earlier this month. Modi has made boosting economic growth a priority since sweeping to power in a general election in May 2014 and India has now recorded three straight quarters of growth above seven per cent. But investors have raised concerns about the pace of promised economic reform needed to create jobs for Indias tens of millions of young people. Investors are hoping Modis government will be able to reach a consensus with opposition parties and push reforms through the current session of parliament, including one that paves the way for a long-awaited national sales tax.