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India 2nd quarter growth higher than expected
November 29, 2013, 2:56 pm


India’s GDP grew at five per cent in the 2012-13 fiscal year [AP]

India’s second quarter gross domestic product (GDP) grew a higher-than expected 4.8 per cent, figures released on Friday revealed.

Manufacturing rose an annual one per cent during the quarter and mining fell by 0.4 per cent, the data showed, while financing, insurance, real estate and business services rose by 10 per cent and farm output rose 4.6 per cent.

India’s GDP grew at five per cent in the 2012-13 fiscal year, the lowest in a decade.

“The second half of the fiscal is better in terms of economic activity. If we can bridge our trade deficit to $150 billion-$155 billion this fiscal, then we are on a good wicket,” Indian finance minister P Chidambaram said last week.

The Indian Central Bank recently pegged the current account deficit for 2013-14 at $56 billion. During 2012-13, this figure stood at $88 billion.

Source: Agencies

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