India economy grows by forecast-beating 8.9 percent

NEW DELHI, November 30, 2010 (AFP) - India's economy grew a forecast-beating 8.

9 percent year-on-year in July-September, data showed Tuesday, underscoring the country's brisk recovery from the global financial crisis. The healthy numbers brought temporary cheer to the Congress-led government, buffeted by a string of scandals including a damaging telecom corruption scam which could have cost the public treasury up to 40 billion dollars.

The robust growth, propelled by manufacturing, services and a revived farm sector, was significantly above market forecasts of 8.

2 percent growth.

The expansion came despite the rapid unwinding of massive fiscal and monetary stimulus steps taken in the last few years that helped shield the country of 1.

2 billion people from the global slump.
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"These numbers are reassuring, especially with monetary and fiscal stimulus being withdrawn -- it shows the resilience of this recovery," D.K. Joshi, chief economist at ratings agency Crisil, told AFP.

Adding to the good news for the government, first-quarter growth was revised upwards to 8.9 percent year-on-year from 8.8 percent, data from the Central Statistical Organisation showed.

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