Subbarao not surprised by growth rate of 7.4%

D Subbarao, Governor of Reserve Bank of India, on Tuesday said that he was not surprised by the whopping growth rate of 7.4% as it had been predicted. The Indian economy posted a whopping growth rate of 8.6% in the January-March quarter of 2010 and also registered 7.4% growth in 2009-10, beating the earlier estimate of 7.2%. The growth rate was piloted by robust showing in manufacturing sector which rose 16.3% in the three months through March from a year earlier, compared with a 13.8% gain in the previous quarter.