Indian economy grows at 7.3% in 2014-15

The growth in 2014-15 was lower than the advance estimates of 7.4 per cent released in February.

The fourth quarter (January-March) of last fiscal saw the economy grow at 7.5 per cent, better than 6.6 per cent recorded for the previous three months, October-December.

The Gross Value Added (GVA), a new concept introduced by CSO to measure the economic activity, rose by 7.2 per cent in 2014-15 compared 6.6 per cent in the previous fiscal.

The manufacturing sector GVA rose by 7.1 per cent during the year as against 5.3 per cent in 2013-14. Similarly, the output of electricity, gas, water supply and other utility services rose by 7.9 per cent as against 4.8 per cent a year ago.

The construction activity too registered an increase of 4.8 <g data-gr-id="26">per cent</g>, up from 2.5 <g data-gr-id="58">per cent</g> a year ago. Financial, real estate and professional services also showed an improvement by registering a growth of 11.5 per cent as against 7.9 per cent in previous fiscal.

However, the farm and allied sectors grew by a meagre 0.2 per cent compared to 3.7 per cent a year ago.

The output of mining and quarrying sector too slipped to 2.4 per cent from 5.4 per cent a year ago.