Relentless Indian economy maintains growth
Mumbai is the hub of Asia's fourth largest economy
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Tuesday, 19, Dec 2006 01:36
The Indian economy is in line to meet its government's "ambitious" target of nine per cent annual growth, according to official figures.
It was revealed to the south Asian country's parliament today that its economy was up 9.1 per cent in the first half of the financial year to September.
Junior finance minister SS Palanimanickam explained that strong growth in manufacturing and services was behind the rise.
"An important and favourable development in recent times is the growing sign of an industrial resurgence, particularly in manufacturing," he said.
Mr Palanimanickam's six-monthly review claimed that Indian industry grew by 10.9 per cent in the half-year from April, with services increasing by 10.7 per cent.
And the country's all-important telecoms sector was revealed to have grown by an average of 27.1 per cent every year since the turn of the century.
Quarterly data released last month revealed that the Indian economy had grown at 9.2 per cent, raising fears that it could overheat.
India is home to Asia's fourth largest economy, behind Japan, China and South Korea.