"Congress party and I are naturally very pleased. The 5.7 percent growth rate vindicates our position that the decline in economic growth had been halted in the middle of 2013-14 as well as our forecast that the upturn will take place in the beginning of 2014-15," said former Finance Minister P Chidambaram.
In response to the first quarter growth figures being the highest in two-and-a-half years, former Finance Minister P Chidambaram has said that the results are in line with the Congress's stand that the decline in growth had ended in their term.
"Congress party and I are naturally very pleased. The 5.7 percent growth rate vindicates our position that the decline in economic growth had been halted in the middle of 2013-14 as well as our forecast that the upturn will take place in the beginning of 2014-15," he said.
According to the Ministry of Statistics and Programme Implementation, the Indian economy registered a GDP growth of 5.7 percent in the April-June quarter of 2014-15 . The Indian economy registered its highest growth in nine quarters this financial year.
According to the data released on Friday, the GDP rose from 4.6 percent in the last quarter and 4.7 percent year-on-year. This turnaround in the economy will be good news for the Narendra Modi government that had promised rapid development. The manufacturing sector recorded a growth of 3.5 percent in the first quarter of 2014-15 as against a contraction of 1.2 percent in Q1, 2013-14.
The highest growth rate during Q1, 2014-15 was recorded by financial services sector at 10.4 percent, followed by electricity gas and water supply at 10.2 percent. The previous high of GDP growth rate was recorded at 6 percent in the October-December quarter of 2011-12. The economic growth in preceding quarter (January-March) was 4.6 percent.
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