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India economy sees 7.6% annual growth India economy posts 7.6% annual growth
(35 minutes later)
India's economy grew by 7.6% in 2015-16, up from 7.2% the year before, as the country retained its place as the world's fastest-growing major economy.India's economy grew by 7.6% in 2015-16, up from 7.2% the year before, as the country retained its place as the world's fastest-growing major economy.
And quarterly economic growth leapt to 7.9% in the three months to April from a revised 7.2% in the previous quarter, government data shows. Quarterly economic growth leapt to 7.9% in the three months to April from a revised 7.2% in the previous quarter, government data showed.
That acceleration was greater than analysts had predicted.That acceleration was greater than analysts had predicted.
Finance Minister Arun Jaitley said with China slowing, the world was seeking "other shoulders to rest... growth on".Finance Minister Arun Jaitley said with China slowing, the world was seeking "other shoulders to rest... growth on".
Sector growthSector growth
Speaking at The Future of Asia conference, he said that India, with planned infrastructure spending, could be a very powerful economic driver. Speaking at the Future of Asia conference, he said that India, with planned infrastructure spending, could be a very powerful economic driver.
The sectors which registered growth of more than 7% during the year were; financial, real estate and professional services (10.3%), manufacturing (9.3%), trade, hotels, transport, communication and services related to broadcasting (9%), and mining and quarrying (7.4%). The sectors that registered growth of more than 7% during the year were; financial, real estate and professional services (10.3%), manufacturing (9.3%), trade, hotels, transport, communication and services related to broadcasting (9%), and mining and quarrying (7.4%).
Agriculture, forestry and fishing grew by 1.2% and construction by 3.9%. Electricity, gas, water supply and other utility services posted growth of 6.6%, as did the public administration, defence and other services sector.Agriculture, forestry and fishing grew by 1.2% and construction by 3.9%. Electricity, gas, water supply and other utility services posted growth of 6.6%, as did the public administration, defence and other services sector.
Commenting on the GDP figures Craig Botham, emerging markets economist at Shroders, said: "The improvement is roughly in line with that seen in higher frequency data, though we still have our doubts over the level of growth. Industrial production, for example, was barely positive in Q1. Craig Botham, emerging markets economist at Shroders, said he still had doubts about India's actual pace of growth.
"In general, the rest of the economic data looks more consistent with a 6% growth rate than one approaching 8%." "Industrial production, for example, was barely positive in the first quarter. In general, the rest of the economic data looks more consistent with a 6% growth rate than one approaching 8%," he said.
He added: "Concerns over measurement aside, momentum does seem to be improving and combined with recent legislative gains, this should provide reassurance that the economy is headed in the right direction." "Concerns over measurement aside, momentum does seem to be improving and combined with recent legislative gains, this should provide reassurance that the economy is headed in the right direction."
The release of the quarterly GDP estimate for the April-June quarter, the first quarter of 2016-17, will be released on 31 August. India's GDP estimate for the three months to June - the first quarter of 2016-17 - will be released on 31 August.