India grows 8.6 percent in fourth quarter

New Delhi, May 31 (IANS) The Indian economy grew by 8.6 percent during the quarter ended March 31 while the gross domestic product for entire 2009-10 rose at a rate of 7.4 percent, according to official data released Monday.

The economy registered a 6.1 percent growth in the first quarter, 7.9 percent in the second quarter, but dropped to a modest 6 percent in the third quarter, as per data released by the Central Statistical Organisation (CSO) here.

The growth rate was mainly on account of higher performance in mining and quarrying which grew by 14 percent and manufacturing by 16.3 percent.

Among other high growth sectors during the quarter were hotels and transport services which grew by 12.4 percent, while financial services including insurance grew by 7.9 percent.

The arrival of fresh crops helped agriculture grow by 0.2 percent, having dropped significantly in the previous quarter of 2009-10 due to a poor monsoon.