India’s gross domestic product (GDP) has grown by 7.3% in 204-15. The growth is based on a new methodology of calculating GDP, with 2011-12 being the new base year, as against 2004-05 used earlier. According to this methodology, the economy has expanded 6.9% in 2013-14, and 5.1% in 2012-13.
India’s growth this time is a little lower than China’s 7.4% (2014). However, March end growth for India (7.5%), was greater than that of China’s 7%.
Agriculture and allied sector has registered a growth of just 0.2%, due to sub-normal monsoon and unseasonal rains prediction. Finance Minister Arun Jaitley said, “Agriculture and exports are two sectors of concern.” hief Economic Advisor Arvind Subramanian said higher farm output would have lifted overall economic growth. “GDP growth lower by 0.1 per cent (compared to the advance estimate) could be a statistical error,” he said.
Growth in industrial production stood at 4.8%, better than the estimate of 4.8%. the manufacturing sector has seen a growth of 7.1%. The service sector has registered a double digit growth of 10.1%.
The government expects the economy to grow 8.1-8.5 per cent in 2015-16.
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