India's economy grows 5.7% in Q1, best in two years
Published on Aug 29, 2014 11:11 PM
NEW DELHI (AFP) - India said Friday its economy grew by 5.7 per cent in the first financial quarter, its fastest pace in over two years, as the election of a new right-wing government spurred business confidence.
The strong expansion in the three months to June beat a consensus market forecast of 5.5 per cent growth and marked the clearest sign yet that Asia's third-largest economy is accelerating out of a long slowdown, economists said.
"The economy has bottomed out - this really affirms that the green shoots we've seen are for real," Deepak Lalwani, head of India-focused financial consultancy Lalcap based in London, told AFP.
The first-quarter growth was faster than the 4.6 per cent expansion logged in the previous three months, and was the best performance since the January-to-March quarter in 2012.
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