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India’s economy grows 7.4% in Q2

by ChemOrbis Editorial Team -
  • 01/12/2015 (15:28)
According to media reports, government data showed that India’s economic growth accelerated in the July-September period. The country’s gross domestic product (GDP) grew 7.4% in the second quarter of the Indian financial year beginning April 1 after posting a growth rate of 7% in the previous quarter. India’s second quarter growth rate exceeded economists’ initial estimates, which called for a growth rate of 7.3% in a survey conducted by Bloomberg.

The acceleration in growth was attributed to higher domestic demand and manufacturing activities as well as a drop in commodity prices, which resulted in cheaper imports of fuel and gold. India’s Q2 economic growth rate also outpaced that of China, whose economy grew 6.9% in the same period.

Meanwhile, the Reserve Bank of India (RBI) held its key interest rates unchanged at 6.75% today. In September, the central bank had cut interest rates for the fourth time since the beginning of 2015 to a four-year low.
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