Indian Economy
India's exports likely to fall 13% to $270 billion in FY2016. Workers signal to a mobile crane operator as he moves a container to stack it at Thar Dry Port in Sanand in the western Indian state of Gujarat. (File picture)Reuters

Beating analysts' estimates marginally, India's second quarter GDP grew by 7.4% in 2015-16,  as against 8.4% in the corresponding period last year and 7.1% in the first quarter of 2015-16.

Most analysts had expected the economy to grow by 7.3%.

The estimates were released by the Modi government on Monday.

The growth was mainly led by the services sector comprising financial services, trade, insurance, hotels and transport and communication.

The financial services, insurance, real estate and professional services segment grew by 9.7%, though less than the 13.5% witnessed in the corresponding period last year.

The trade, hotel, transport, communication & broadcasting-related services saw a growth of 10.6% during the second quarter this financial year, up from 8.9% in the corresponding period last year.

The sharpest rise was seen in the mining and quarrying industry, from 1.4% in Q2, 2014-15 to 3.2% in Q2, 2015-16, while the construction industry saw a steep fall from  8.7% in Q2, 2014-15, to 2.6% in the quarter under review.

The agriculture, forestry and fishing sector did not see any major change; it grew at 2.2% in the second quarter of the current fiscal, marginally up from 2.1% during the corresponding period last year.

The manufacturing sector grew at 9.3% , up from 7.9% in the corresponding period last year.

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