indian economy up 8pc year on year in q2
News Posted On: 01 September 2010
Indian GDP grew 8.8% in the second quarter compared to the second quarter of last year. Compared to the European Union's best performer Slovakia with 4.9%, and the EU as a whole with 1% it is easy to see why investors are paying closer and closer attention to India and other parts of Asia.
"In terms of sustainability, the growth number will settle around 8.5 percent. There will be a deceleration," said Enam Securities economist Sachchidanand Shukla. "You are already seeing a moderation in industrial production numbers."
Breaking down the figures, industrial output grew 12.2 percent, telephone connections grew 36.7 percent and there were a record number of auto sales. None the less economists say global uncertainty is hampering capital spending and consumer demand is still underperforming.
"Global uncertainty has taken a toll," Shukla said. "The most important factor is not interest rates or availability of funds. It's got to do with confidence. Every two months, you're seeing a spate of bad news."
All that aside, India's only real senior in terms of economic growth is China, and India property is the popular choice with foreign investors because it is an easier process to invest in India than China. China does not allow foreigners to buy property, whereas India allows foreigners, but only those of Indian origin. While foreign investors always workaround these difficulties, it is comparatively easier to do so in India than China.
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