Indian GDP growth hits 7.45% in 2009-2010

Indian GDP totaled 970 billion U.S. dollars increasing 7.4 percent during fiscal year 2009-2010, which ended at March 31, 2010, against earlier forecast of 7.2 percent, said Indian Ministry of Statistics and Program Implementation on Monday.

The government adjusted up overall economic growth estimates on brisk performance of agriculture, forestry and fishing, mining and quarrying as well as manufacturing sectors.

The growth rates of the above-mentioned three sectors were hiked from negative 0.2 percent, 8.7 percent and 8.9 percent to 0. 2 percent, 10.6 percent and 10.8 percent, respectively.

Still, Indian service industry for community, social and personal purposes reported 5.6 percent increase and failed to meet previous estimated growth of 8.2 percent due to governmental expenditure cut.

Indian gross national income and per capita net national income stood at 965 billion U.S. dollars and 730 U.S. dollars, up 7.3 percent and 5.6 percent, respectively.

Meanwhile, Indian economy grew 8.6 percent from January to March of 2010, keeping in line with governmental projections.

During the quarter, mining and quarrying, manufacturing and trade, hotel, transport and communication saw year-on-year growth of 14 percent, 16.3 percent and 12.4 percent.

Indian GDP growth slowed down to 6.7 percent in fiscal year 2008-2009 from over 9 percent growth rates in the previous three years, due to global financial crisis.

The country strives to attain 8.5 percent growth of GDP in fiscal year 2010-2011 with the aim of realizing 9 percent growth in the following year.

Source:Xinhua