Driven by a robust performance by the manufacturing sector, the Indian economy grew by 8.4 percent in the last quarter of 2009-10, pushing up the overall growth to a better-than expected 7.4 percent.
The manufacturing sector grew by 16.3 percent in the fourth quarter (January-March 2009-10) and 10.8 percent in the fiscal.
The Gross Domestic Product (GDP) grew at 7.4 percent for 2009-10, higher than the February projection of 7.2 percent.
The Central Statistics Organisation (CSO) also revised upwards the growth rates for Q2 and Q3 of 2009-10 on better- than-expected performance by manufacturing, mining and quarrying industries than first thought.
There was no decline in agriculture growth in 2009-10, despite widespread drought and floods hitting the farm output.
According to the CSO data, the farm sector recorded a growth rate of 0.2 percent contrary to expectations of negative growth.
Following the global financial crisis, the GDP had moderated to 6.7 percent in 2008-09 after recording a growth rate of 9 percent in the three preceding years.
Highlights of the economic growth during 2009-10
*Indian economy (GDP) grew by 7.4 per cent during 2009-10, higher than the estimated 7.2 per cent.
*During 2008-09, the economy grew by 6.7 per cent.
*Per capita income rose by 10.5 per cent to Rs 44,345 in 2009-10 against Rs 40,141 during 2008-09.
*During the fourth quarter of 2009-10, the economy grew by 8.6 per cent, against 5.8 per cent in the year-ago period.
*Second quarter growth revised to 8.6 per cent from 7.9 per cent.
*Third quarter growth revised to 6.5 per cent from 6 per cent.
*Agriculture and allied sectors grew by 0.2 per cent in 2009-10, against the estimated 0.2 per cent contraction.
*Manufacturing sector expanded by 10.8 per cent during 2009-10, against the estimated 8.9 per cent.
*Electricity, gas and water supply growth was 6.5 per cent, lower than the estimated 8.2 per cent.
Pranab expects economic growth to surpass 8.5 pc in FY'11
Bolstered by a 7.4 pc growth rate in 2009-10, Finance Minister Pranab Mukherjee has exuded confidence that the economy would expand by over 8.5 pc in the current fiscal.
"On the whole it is 7.2 per cent plus (in 2009-10). I have already stated 8.5 per cent, about 8.5 per cent plus (for the current fiscal)," he told reporters after official data on Monday showed that the economy expanded faster than the earlier estimate of 7.2 percent in 2009-10.
The economy, according to the data released by the Central Statistical Organisation (CSO) earlier in the day, grew by 8.6 percent in the fourth quarter of the last fiscal.
The growth figures were also revised from 7.9 percent to 8.6 percent for the second quarter and from six percent to 6.5 percent in the third quarter.
"I do hope that if this had happened earlier, perhaps we could have had a higher GDP growth," Mukherjee said.
The output of agriculture and allied sector declined by 1.6 percent during the third quarter (January-March 2009-10).
However, during the fiscal, the agriculture sector output remained in the positive territory, recording a growth rate of 0.2 percent against the earlier projection of a marginal decline.