NEW DELHI: India’s economy grew 7.6 percent in 2015-16, official figures showed Tuesday, retaining its place as the world’s fastest-growing major economy and providing a boost to the right-wing government as it marks two years in power.
Gross domestic product (GDP) expanded at a faster pace in the fourth quarter of the financial year, growing 7.9 percent year-on-year, the Central Statistics Office data showed.
The figure beat the average forecast for 7.5 percent growth in the three months to March 31, according to a Bloomberg survey of 27 economists.
India has outpaced China in recent quarters, with the Chinese economy growing 6.7 percent in the first three months of 2016, its slowest quarterly expansion in seven years.
“It is clearly a positive story, in terms of juxtaposing this data with (other) indicators, quite clearly we are seeing a turnaround, a point of inflection taking shape,” said Shubhada Rao, Chief Economist at Yes Bank in Mumbai.
However, India is dogged by concerns over the reliability of its economic growth data, more than a year after the government introduced a revised formula for calculating GDP which some analysts have criticized.
The government says the new method is closer to international standards.
Gross domestic product (GDP) expanded at a faster pace in the fourth quarter of the financial year, growing 7.9 percent year-on-year, the Central Statistics Office data showed.
The figure beat the average forecast for 7.5 percent growth in the three months to March 31, according to a Bloomberg survey of 27 economists.
India has outpaced China in recent quarters, with the Chinese economy growing 6.7 percent in the first three months of 2016, its slowest quarterly expansion in seven years.
“It is clearly a positive story, in terms of juxtaposing this data with (other) indicators, quite clearly we are seeing a turnaround, a point of inflection taking shape,” said Shubhada Rao, Chief Economist at Yes Bank in Mumbai.
However, India is dogged by concerns over the reliability of its economic growth data, more than a year after the government introduced a revised formula for calculating GDP which some analysts have criticized.
The government says the new method is closer to international standards.
