NEW DELHI: Gaining momentum, economy grew by 7.9 per cent in March quarter to consolidate India’s position as the fastest growing major economy with a five-year high growth rate of 7.6 per cent for the full fiscal on robust manufacturing growth.
Enthused by the impressive numbers for 2015-16, as against 7.2 per cent in previous fiscal, the Government said the growth rate can go up to 8 per cent in the current fiscal on the back of good monsoon.
The farm sector also rebounded to the growth zone, as against a contraction in previous year, although the rate of expansion was low at 1.2 per cent in 2015-16.
The industry lauded the numbers and expressed hope that better monsoon and further reforms will help expand the economy at even a faster pace.
According to the data released by the Central Statistics Office (CSO) today, the growth in manufacturing and farm sectors during the fourth quarter accelerated to 9.3 per cent and 2.3 per cent, respectively. (AGENCIES)
Trending Now
E-Paper
Follow our WhatsApp channel