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India's GDP records 6.1 pc growth in first quarter | India managed a reasonable economic growth of 6.1 percent during the first quarter of the current fiscal despite the global financial crisis impacting manufacturing
and services sectors. Country's Gross Domestic Product (GDP) growth rate during
April-June 2009 at 6.1 percent was higher than 5.8 percent in the previous quarter.
India witnessed a 7.8 percent economic expansion during the corresponding period
of the last fiscal. According to sources, mining and electricity in industrial
sector, and financing among services sector posted higher growth of 7.9, 6.2 and
8.1 percent, respectively, in the first quarter of this fiscal, against 4.6, 2.7
and 6.9 percent a year ago. Infrastructure development and community services
also managed to register a growth of 7.1 and 6.8 percent against 8.4 and 8.2 percent,
in the last fiscal. However, agriculture and manufacturing industry expanded at
a slower rate of 2.4 and 3.4 percent respectively. The growth of hotels, trade,
transport and communication was significantly lower at 8.1 percent against 13
percent in the last fiscal, sources said. Earlier, on Saturday speaking in a function
of the Federation of Indian Chambers of Commerce and Industry (FICCI) in Bangalore,
Planning Commission Deputy Chairman, Montek Singh Ahluwalia said drought situation
prevailing in the country might prevent from achieving seven percent growth this
year. "Seven percent growth rate this year is unlikely. People are talking about
six and six-and-a-half percent growth, which we agree and I think is reasonable,"Ahluwalia
said. Ahluwalia expressed confidence that "The economy should be able to rebounce
by 2010. It would be normal in the 12th Plan."
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