Economy of India is growing at 7.1% , quite slow yet ahead of China
According to the latest data released the Central Statistics Office, the economy of India is growing at 7.1% for the second quarter of the ongoing fiscal year.
This comes as bad news as for the first half of the current fiscal year, the economy of India was growing at 8.2 per cent, something that was the record highest in the last four years. Also, the economy of India is growing at 7.1% comes as a shock as the Reserve Bank of India had predicted that it would grow at 7.4 per cent and the current figure is below the expected.
The fact that the economy of India is growing at 7.1% is due to the reason that almost every major sector of the Indian economy has seen a moderation in growth.
The farming sector saw a growth of three point eight per cent as compared to a two-point six per cent in the last quarter of the current fiscal year. The construction sector has shown an improvement recording a seven-point eight per cent growth which used to lie around three-point-one per cent around this time the previous year.
The good news is, however, that the economy of India growing at 7.1% even though being declared as a slow-growing power was ahead of China and India still holds the title of the world’s fastest growing major economy. That is the power of India, even in a lag phase, it is the world’s fastest growing economy.
Also, the data released the concerned authorities show that the Gross Domestic Product it the GDP at the constant price has grown six point three per cent in July September quarter of the ongoing fiscal year.
The drop observers in the growth of the Indian economy from what it used to be is not something that should scare the Indians. In fact, it is something that should motivate us to work harder and always retain the status of the world’s fastest growing economy. That is until we become the world’s largest economy.
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