Fighting the global recession, India managed 6.7 per cent economic growth in 2008-09 despite the manufacturing sector recording a dismal performance. A 5.8 per cent growth rate during the last quarter of the fiscal, at a time when most developed economies have shrunk, puts India among the top-most growing nations. The news was cheered by the stock market, which saw an immediate rise in the Sensex by 400 points to touch 14,692.27 at the BSE by mid-day, a level witnessed last in September 2008.Commenting on the growth figures released by the Government today, Planning Commission Deputy Chairman Montek Singh Ahluwalia said, "It is on the expected lines." The growth rate during 2008-09 is lower than the nine per cent in the preceding fiscal, but that is not as low as expected by certain analysts and quite in the range projected by the RBI: 6.5-7 per cent. However, manufacturing growth turned negative at 1.4 per cent in the fourth quarter, pulling down Q4 GDP growth to 5.8 per cent from 8.6 per cent a year ago. GDP growth in the third quarter of 2008-09 has been revised to 5.8 per cent from 5.3 per cent estimated provisionally.
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