India’s GDP for FY’10 revised upward to 8%

Govt revised the GDP growth rate for the 2009-10 financial year upward from 7.4% estimate.

The government today revised the GDP growth rate for the 2009-10 financial year upward to 8 per cent from the earlier estimate of 7.4 per cent on the back of improved performance of the manufacturing and services sectors.

“The growth rate of 8 per cent in the GDP during 2009-10 has been achieved due to high growth in manufacturing (8.8 per cent),financing,insurance,real estate & business services (9.2 per cent),transport,storage and communication (15.0 per cent),community,social and personal services (11.8 per cent),” the official data showed.

In addition,the GDP growth estimate for FY2008-09 has been revised marginally upward to 6.8 per cent from the previous estimate of 6.7 per cent.

Agriculture sector growth recorded 0.4 per cent growth in FY2009-10 after witnessing a 0.1 per cent decline in FY2008-09,the data showed.

In addition,the mining and quarrying sectors registered 6.9 per cent growth in FY’10,as against 1.3 per cent expansion in the previous fiscal. Furthermore,electricity,gas and water production recorded 6.4 per cent growth in FY’10,compared to 4.9 per cent expansion in FY’09.