New Delhi: Indian economy is expected to record a five-year high growth rate of 7.6 per cent in 2015-16 on improved performance in manufacturing and farm sectors.
According the central statistics office (CSO), the gross domestic product (GDP) or economic growth is estimated at 7.3 per cent in October-December quarter of this fiscal. CSO has also revised upwards the GDP growth estimates for April-June and July-September quarters to 7.6 per cent and 7.7 per cent from earlier calculation of 7 per cent and 7.4 per cent, respectively.
At 7.6 per cent, India would be growing at the fastest pace in the last five years. The previous high was recorded at 8.9 per cent in 2010-11. The real "gross value addition", a new concept introduced by CSO to measure economic growth, is projected at 7.3 per cent in this fiscal against 7.1 per cent in 2014-15.
The manufacturing sector is estimated to grow at 9.5 per cent in 2015-16, up from 5.5 per cent a year ago. Similarly, in case of agriculture sector, the growth has been projected at 1.1 per cent as against decline of 0.2 per cent a year ago.
The growth of mining and quarrying sector, electricity and power supply and other services is likely to witness deceleration during the current financial year.
Commenting on the GDP data, economic affairs secretary Shaktikanta Das said, "The direction of the numbers is very positive. The policy and reform measure the government has undertaken in last one and a half years are beginning to show results."