The Gross Value Added (GVA), a new concept introduced by CSO to measure the economic activity, also accelerated during the second quarter to 7.4%, from 7.1% in the April-June period.
India's economic growth accelerated to 7.4% in the July-September quarter, overtaking China as the world's fastest growing major economy, on pick up in manufacturing, mining and services sectors.
The signs of recovery in the GDP, from a growth rate of 7% in the previous quarter ended June 30, follows a series of rate cuts announced by the RBI in recent months and bolstered the case for the central bank to hold onto its rate at its scheduled monetary policy review meeting tomorrow.
However, the growth rate for the latest quarter was far below 8.9% recorded in the July-September quarter of the previous fiscal.
Still, the GDP expansion by 7.4% in the second quarter of the current fiscal bettered 6.9% growth in China for the same period. Russia contracted by 4.1% while it is forecast that Brazil may have shrank 4.2% in the same period.
The Gross Value Added (GVA), a new concept introduced by CSO to measure the economic activity, also accelerated during the second quarter to 7.4%, from 7.1% in the April-June period.
The GDP grew at 8.4% in the July-September quarter last year while it was 6.7% in the April-June quarter last fiscal, according to data from the Central Statistics Office (CSO).
According to the statement, the economic activities which registered growth of over 7% in the second quarter are trade, hotels and transport & communication and services related to broadcasting, financial, insurance, real estate and professional services and manufacturing.
The government had projected a growth rate of 8.1-8.5% for the current fiscal. The data showed that the manufacturing sector GVA at constant prices (2011-12) rose 9.3% in July-September quarter as against 7.9% in the year-ago period.
The output of mining and quarrying sector rose to 3.2%, from 1.4% a year ago.
The trade, hotel, transport, communication and services related to broadcasting segment grew at 10.6% in the quarter under review compared to 8.9% year ago.
Financial, real estate and professional services growth shrank to 9.7% against 13.5% a year earlier.
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