Asia Bizz: India’s Second Quarter GDP Rises To An Impressive 8.8%, Positive Growth In Indian Economy
India is now becoming a giant economy and a key player in the world market. The GDP of India rose to 8.8% in the second quarter for 2010. Positive signs for the Indian economy, as it has been noticed by the experts that India’s economy rose the fastest in the last quarter in the past two years.
India is said to the be 11th biggest economy in the world but is the second fastest growing economy in the world, just behind its neighbour China. According to the Indian statistics, strong development in the Industrial and Mining sector has helped to boost the Indian economy.
The Industrial output in India rose by 12% and in the mining sector it rose by 9%. The Reserve Bank Of India has stated that it had seen an annual growth of 8.5% steadily. The main priority of the Reserve Bank is to curb the ongoing inflation, which peaked at 11% last month. Interest rates have been increased by the banks to contain the inflation, but it could slow down the growth of the Indian economy in the coming months. But even thought there has been a rise in the interest rates there hasn’t been much change in the distribution of loans, the Indian customer is hardly affected with the hiked interest rates.