The Indian economy is growing faster than expected with official data released on Monday stating Q2 growth at 7.9% year-on-year.

This figure is much higher than the 6.5% estimated earlier. This higher than expected growth was partly because the farming sector beat monsoon worries. Manufacturing output also expanded to 9.2% in the quarter as consumers made a beeline for car and white goods showrooms. RBI forecast growth during 2009-10 would come in at 6%, with an upward bias.

Writing in The Times, Goldman Sachs’ Chief Economist, Jim O’Neill was upbeat about the UK Economy, which will return to “A more balanced state of affairs in 2010”. O’Neill forecasts a 4.2% World GDP growth rate and a UK growth rate of 1.9%.

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Tags: GDP growth in India, Indian Economy

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