India’s Gross Domestic Production (GDP) has bounced back to a record growth after performing well in the manufacturing and mining sectors. The growth rate recorded t 5.7% for April-June quarter, the highest in two and half years.
The GDP growth was recorded 4.6 in the past quarter.
Manufacturing expanded at an annual rate of 3.5 per cent during the April-June quarter compared with a contraction of 1.2 per cent a year ago.
Mining sector grew 2.1 per cent.
The annual farm output growth slashed from 4 per cent a year ago to 3.8 per cent in this quarter.
The country’s defence and railways sectors have been opened up for the foreign investment during the first 100 days of Modi government. Several steps have been taken to improve the process of businesses related to the government, such as online clearance for environmental submission, etc., that have contributed to growth, says analysts.
Indian economy has to constantly grow at the rate of 8% to provide job opportunities to 10 million people who are expected to join the workforce every year.