Economy upbeat, grows by 7.4 per cent in 2009-10

New Delhi, May 31: India’s economy grew by a better than estimated 7.4 per cent in 2009-10 on the back of double digit expansion in manufacturing sector and not so dismal showing by farm sector.

In fact, the economy grew by a robust 8.6 per cent in the fourth quarter, fuelled by 16.3 per cent expansion in manufacturing sector.

China, the only large country with higher growth rate than India, witnessed 11.9 per cent growth in the same quarter, while the fragile recovery in most countries, particularly Europe, is under threat from a sovereign debt crisis.

Earlier, the Central Statistical Organisation had estimated the Indian economy to grow by 7.2 per cent for 2009-10.

The economic growth had slowed down to 6.