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Indian economy grew 7 per cent in the first quarter this fiscal, much higher than the 6.7 per cent growth recorded in the same quarter last fiscal.
However, gross value added came in lower at 7.1 per cent as compared to 7.4 per cent in the same period last fiscal, official data released by Central Statistics Office (CSO) showed on Monday.
The economic activities which registered growth of over 7 per cent in April-June 2015 are 'manufacturing', 'trade, hotels and transport and communication and services related to broadcasting' and 'financial, insurance, real estate and professional services'.
However, the first quarter GDP growth of 7 per cent was lower than the 7.5 percent growth recorded in the previous quarter.
While services did a little better than expected for the quarter under review, both agriculture and manufacturing took the overall performance down.
Thanks to the robust growth in tax collections and marginal fall in subsidies, the overall GDP growth came in at respectable 7 per cent during April-June 2015, say economy watchers.
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