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India's economic growth hits two year high India's economic growth hits two year high
(about 13 hours later)
India's economy grew by 5.7% in the three months to June, its fastest pace in two-and-a-half years, according to an official estimate.India's economy grew by 5.7% in the three months to June, its fastest pace in two-and-a-half years, according to an official estimate.
The economy was helped by strong growth in electricity, gas and water supply, and financial services, the Ministry of Statistics said.The economy was helped by strong growth in electricity, gas and water supply, and financial services, the Ministry of Statistics said.
The growth figure was higher than analysts had been expecting.The growth figure was higher than analysts had been expecting.
India's new government has launched policies designed to encourage business investment, including changes to tax.India's new government has launched policies designed to encourage business investment, including changes to tax.
Analysis: Sameer Hashmi, India Business ReportAnalysis: Sameer Hashmi, India Business Report
Ever since the Narendra Modi government took charge, business sentiment has improved on the ground. Investors have started pumping in money again, capital markets have been roaring, consumer demand has revived & hiring has picked up.Ever since the Narendra Modi government took charge, business sentiment has improved on the ground. Investors have started pumping in money again, capital markets have been roaring, consumer demand has revived & hiring has picked up.
But this euphoria is primarily driven by sentiment and more steps would be required to sustain this optimism.But this euphoria is primarily driven by sentiment and more steps would be required to sustain this optimism.
The performance of the Modi government as it approaches hundred days in office - has been a mixed one. The performance of the Modi government as it approaches a hundred days in office - has been a mixed one.
While it has initiated measures to minimize tax litigation, opened up defence manufacturing along with railway infrastructure to attract foreign investors, it is still to announce big bang reforms that would give a major boost to the economy. While it has initiated measures to minimize tax litigation and opened up defence manufacturing along with railway infrastructure to attract foreign investors, it is still to announce big bang reforms that would give a major boost to the economy.