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Indian economy to expand 7.6% in 2015-16

Indian economy to expand 7.6% in 2015-16

NEW DELHI: Indian economy is estimated to expand by 7.6% in the fiscal year 2015-16, highest in at least four years compared to 7.2% in the previous fiscal, data released by central statistics office showed on Monday.

In the third quarter of the fiscal, the gross domestic product expanded by 7.3%, led by double digit expansion in the manufacturing and service sector segments.

The first quarter growth saw a substantial upward revision from 7% to 7.6%, while the growth for the second quarter from July-September was revised from 7.4% to 7.7%. The GDP growth in nominal terms saw a slight uptick to 9.2% in the Q3 led by upward inflationary movement, as against 6.4% in the previous quarter.

Manufacturing sector posted a 12.6% growth in the third quarter, the highest in the current fiscal. It is estimated to expand by 9.5% in the current fiscal, a substantial improvement from 5.5% in 2014-15.

Agriculture sector, which has been affected by two consecutive drought years, posted a 0.1% deflation in the quarter ended December. The gross fixed capital formation, a proxy for investment saw share in GDP contract to 27.8%, as against 30.9% and 30.5% in the previous two quarters respectively.