New Delhi, December 21: Prime Minister Manmohan Singh today said Indian economy’s stupendous performance despite the global financial turmoil has proved the naysayers wrong.
“We have been affected (by global economic turmoil) but we are today the second fastest growing economy and we have proved the prophets of doom wrong,” Singh said at an award function organised by news channel CNN-IBN here.
Beating every estimate, which projected GDP rate in the six per cent region, the economy grew by a surprising 7.9 per cent in the second quarter of the current fiscal. Impacted by the global financial meltdown, economy grew 6.3 per cent in the first quarter.
One year after the global meltdown began, the factory production in October recorded a promising 10.3 per cent growth, fuelling hopes that it would power the economy ahead.
This is against a paltry 0.1 per cent in the year-ago period.
–Agencies