New Delhi: According to the estimates by the Ministry of Statistics and Programme Implementation, the Indian economy has registered a growth of 7.4 per cent in 2009-10, with 8.6 per cent year-on-year (y-o-y) growth in its fourth quarter. The growth is driven by robust performance of the manufacturing sector on the back of government and consumer spending. GDP growth rate of 7.4 per cent in 2009-10 has exceeded the government forecast of 7.2 per cent for the full year.
According to government data, the manufacturing sector witnessed a growth of 16.3 per cent in January-March 2010, from a year earlier. The farm output rose at an annual rate of 0.7 per cent during the quarter on the back of a good winter harvest. The expansion in the March quarter was driven by government spending, manufacturing and services.
The government estimates the economy to grow at a rate of 8.5 per cent in 2010-11 driven by better farm output and a global recovery. The Finance Minister, Mr Pranab Mukherjee said that growth would exceed the government's estimate for the current fiscal. The farm sector, which constitutes nearly 17 per cent of the economy, is expected to perform well on the prediction of normal monsoon this year
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