India's GDP rises up at 5.7 per-cent, hits two and a half year high

New Delhi: India’s GDP growth accelerated to 5.7 per cent in the first quarter (April-June 2014) of the current fiscal year as sentiments improved after the Narendra Modi government took office.

This is the fastest growth in GDP in the past two and a half years, and points to a pickup in India’s growth cycle.

India had grown by 4.7 per cent in the same period last fiscal.

The country had grown at sub-five per cent in the last two financial years, the worst performance in the last quarter-century.

The new GDP figures have raised hopes that India could revert to a high growth rate of 8-9 per cent much faster than anticipated earlier.

“With improvement in some important sectors, including manufacturing, the economy can be expected to show further improvement in the remaining part of the year,” the ministry said.