India s GDP growth improves to 4.8 in Q2 of FY2013-14 Increases optimism

India's Gross Domestic Product (GDP) growth stood at 4.8% for the second quarter (July - September) of the current financial year which was slightly better compared to 4.4% GDP growth in the previous quarter. In the second quarter of 2012-13, the growth was 5.2%.

The mining sector witnessed negative growth of 0.4% and manufacturing sector witnessed a growth of just 1% which pulled down the overall GDP growth numbers. Financing, insurance, real estate & business services sector growth stood at 10% in second quarter compared to 8.9% growth in the previous quarter. Agriculture and Electricity sectors witnessed turn-around as growth in those sectors improved to 4.6% and 7.7% respectively in the second quarter compared to 2.7% and 3.7% in the previous quarter.

This higher than expected GDP growth number in the second half of this fiscal has raised hopes of Indian economy returning a much better performance. With this rebound of GDP growth rate, policymakers are now confident that Indian economy will grow 5-5.5% this fiscal year.

Refer the link to check sector wise growth in second quarter of 2013-14: