Indian economy grows 4.8 percent in Q2

New Delhi  : The Indian economy grew at a sluggish 4.8 percent in the second quarter of the current financial year due to disappointing performance of the manufacturing and mining sectors, government data showed Friday.

This is the fourth consecutive quarter of economic growth below 5 percent. The growth had slumped to 4.4 percent in the April-June quarter.

According to data released by the Central Statistics Office (CSO) here, the agriculture sector registered healthy growth of 4.6 percent, while manufacturing expanded at a sluggish 1 percent in the July-September quarter.

The country’s gross domestic product (GDP) growth for the first six months of the current financial year stands at 4.6 percent.

Quarterly GDP at factor cost at constant (2004-05) prices for the second quarter of 2013-14 is estimated at Rs.13.68 lakh crore against Rs.13.05 lakh crore in the corresponding quarter of last year, translating into a growth rate of 4.8 percent year-on-year, the CSO said.

The economic activities which registered significant growth in during the quarter under review include agriculture, forestry and fishing at 4.6 percent; electricity, gas and water supply at 7.7 percent; construction at 4.3 percent; financing, insurance, real estate and business services at 10 percent and community, social and personal services at 4.2 percent.

The mining and quarrying sector contracted by 0.4 percent. Manufacturing grew at a sluggish 1 percent and trade, hotels, transport and communication registered a growth of 4 percent year-on-year during the quarter under review.