"It (the GDP) will only pick up further and the Indian economy is well poised to reach six percent or may even cross the six percent mark for the full financial year 2014-15," Assocham President Rana Kapoor said.
    
CII Director General Chandrajit Banerjee said going forward, the industry body expects that quick and pro-active government policies would act as a 'growth propeller', further strengthen business confidence and provide stimulus to growth.
    
However, he emphasised that in order to convert the first signs of revival into a full-fledged recovery, it is necessary that the government continues on its path of implementing the reforms agenda which would restart the investment cycle and revive demand in the economy.
     
India's Gross Domestic Product had expanded by 4.7 percent in April-June quarter of the last fiscal ended March 31.
     
According to data released by the Central Statistics Office (CSO), manufacturing sector recorded a growth of 3.5 percent in the first quarter of 2014-15 as against a contraction of 1.2 percent in Q1, 2013-14.
    
The mining sector too grew by 2.1 percent in April-June quarter compared a decline in production by 3.9 percent the year-ago period.
     
The highest growth rate during Q1, 2014-15 was recorded by financial services sector at 10.4 percent, followed by electricity gas and water supply at 10.2 percent.
    
The previous high of GDP growth rate was recorded at 6 percent in the October-December quarter of 2011-12. The economic growth in preceding quarter (January-March) was 4.6 percent.

Meanwhile, Ficci President Sidharth Birla said: "The overall economic sentiment has seen an improvement in the last couple of months and we are quite optimistic that this positive trend will continue through the year in view of several positive measures taken by the new government. This momentum has to be carried forward with greater fervour".
     
Gross Fixed Capital Formation, a barometer of investment at current prices is estimated at Rs 8.14 lakh crore for Q1, as against Rs 7.32 lakh crore a year ago.
     
At constant (2004-2005) prices, the GFCF is estimated at Rs 4.96 lakh crore in Q1 as against Rs 4.63 lakh crore.
     
"Though a turnaround has been noted in gross fixed capital formation, the uptrend in investment cycle needs to be firmed up further Some of the announcements made in the first 100 days by the new government are expected to facilitate both foreign and domestic investments," Birla said.
     
"The government's focus on clearing stalled projects would propel investments in the economy," PHD Chamber of Commerce President Sharad Jaipuria said.

HIGHLIGHTS
Manufacturing sector recorded a growth of 3.5 percent in Q1
Mining sector grew by 2.1 percent in Q1
Financial services sector grew at 10.4 percent
Electricity gas and water supply recorded 10.2 percent
Construction sector expanded 4.8 percent in first quarter
Trade, hotels, transport and communications segment also inched up to 2.8 percent in Q1
Farm sector which includes agriculture, forestry and fishing recorded a slower growth of 3.8 percent

 

Improved performance of mining, manufacturing and services sector pushed India's economic growth rate to two-and-half year high of 5.7 percent in the April-June quarter, a development which the Finance Ministry expects to continue for rest of the fiscal.
   
India's Gross Domestic Product had expanded by 4.7 percent in the April-June quarter of the last fiscal ended March 31. In the January-March period (last quarter of 2013-14), it was 4.6 percent.
   
The previous high of GDP growth rate was recorded at 6 percent in the October-December quarter of 2011-12.
   
According to data released here today by the Central Statistics Office (CSO), the manufacturing sector recorded a growth of 3.5 percent in Q1, 2014-15 as against a contraction of 1.2 percent in Q1, 2013-14.
   
The mining sector too grew by 2.1 percent in Q1, compared to a decline in production by 3.9 percent in the year-ago period.
   
The highest growth rate during Q1, 2014-15 was recorded by financial services sector at 10.4 percent, followed by electricity gas and water supply at 10.2 percent.
   
The construction sector expanded 4.8 percent in first quarter of this fiscal as against 1.1 percent growth in the year-ago period.
   
Growth in the trade, hotels, transport and communications segment also inched up to 2.8 percent in Q1, from 1.6 percent in the same period of 2013-14.
   
According to the data, the farm sector which includes agriculture forestry and fishing recorded a slower growth of 3.8 percent in first quarter compared to 4 percent a year ago.
   
Gross Fixed Capital Formation, a barometer of investment at current prices, is estimated at Rs 8.14 lakh crore for Q1, as against Rs 7.32 lakh crore a year ago.
   
At constant (2004-2005) prices, the GFCF is estimated at Rs 4.96 lakh crore in Q1 as against Rs 4.63 lakh crore.
   
Aggregate bank deposits and credits have shown growth rates of 12.4 percent and 13.3 percent respectively as on June 2014, as against growth of 13.5 percent and 13.5 percent respectively as on June 2013.

    Latest News  from Business News Desk

Improved performance of mining, manufacturing and services sector pushed India's economic growth rate to two-and-half year high of 5.7 percent in the April-June quarter, a development which the Finance Ministry expects to continue for rest of the fiscal.

         

India's Gross Domestic Product had expanded by 4.7 percent in the April-June quarter of the last fiscal ended March 31. In the January-March period (last quarter of 2013-14), it was 4.6 percent.

         

The previous high of GDP growth rate was recorded at 6 percent in the October-December quarter of 2011-12.

         

According to data released here today by the Central Statistics Office (CSO), the manufacturing sector recorded a growth of 3.5 percent in Q1, 2014-15 as against a contraction of 1.2 percent in Q1, 2013-14.

         

The mining sector too grew by 2.1 percent in Q1, compared to a decline in production by 3.9 percent in the year-ago period.

         

The highest growth rate during Q1, 2014-15 was recorded by financial services sector at 10.4 percent, followed by electricity gas and water supply at 10.2 percent.

         

The construction sector expanded 4.8 percent in first quarter of this fiscal as against 1.1 percent growth in the year-ago period.

         

Growth in the trade, hotels, transport and communications segment also inched up to 2.8 percent in Q1, from 1.6 percent in the same period of 2013-14.

         

According to the data, the farm sector which includes agriculture forestry and fishing recorded a slower growth of 3.8 percent in first quarter compared to 4 percent a year ago.

         

Gross Fixed Capital Formation, a barometer of investment at current prices, is estimated at Rs 8.14 lakh crore for Q1, as against Rs 7.32 lakh crore a year ago.

         

At constant (2004-2005) prices, the GFCF is estimated at Rs 4.96 lakh crore in Q1 as against Rs 4.63 lakh crore.

         

Aggregate bank deposits and credits have shown growth rates of 12.4 percent and 13.3 percent respectively as on June 2014, as against growth of 13.5 percent and 13.5 percent respectively as on June 2013.