The Indian economy grew at 8% during fiscal year 2009-10, higher than the earlier estimated of 7.4%, driven by strong performance in manufacturing and services sectors, government data showed. Per capita income also grew by 14.5% to Rs 46,492 in 2009-10 from Rs 40,605 in the year-ago period.
The higher expansion is an indication that India is recovering fast from the impact of the global financial crisis, which pulled down GDP growth to 6.8% during 2008-09, from over 9% in the preceding three years.
Although a higher growth in 2009-10 will have an adverse statistical impact on the performance of the current fiscal year due to a high base effect, economists feel that 2010-11 will still record a growth rate of 8.5%.
The new per capita income figure estimates on current market prices is over Rs 2,000 more than the previous estimate of Rs 44,345.