(Reuters) - The government on Monday forecast annual economic growth to accelerate to 7.4 percent in the fiscal year ending in March 2015 after Asia's third-largest economy grew 7.5 percent in the quarter to end-December.
The latest estimate compares with a revised 6.9 percent growth a year earlier and is based on the new formula the statistics department has started using to measure the economy.
India now measures GDP by market prices instead of factor costs, to take into account gross value addition in goods and services as well as indirect taxes. Besides, the base year has been shifted to 2011/12 from 2004/05 earlier.
It also sharply revised up growth for the first half of fiscal 2014/15 to about 7.4 percent from 5.5 percent reported earlier under the old method.
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ALL IN PCT
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Item Q3FY15 Q2FY15 Q3FY14
Agriculture, forestry & fishery -0.4 2.0 3.8
Mining & quarrying 2.9 2.4 4.2
Manufacturing 4.2 5.6 5.9
Electricity, gas and water supply 10.1 8.7 3.9
Construction 1.7 7.2 3.8
Trade, hotels, transport & comm. 7.2 8.7 12.4
Financing, insurance, real estate 15.9 13.8 5.7
Community, social & personal service 20.0 6.0 9.1
GVA at basic prices 7.5 7.8 6.6
GDP at market prices 7.5 8.2 NA
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SOURCE: Ministry of Statistics & Programme Implementation
Base year: 2011/12 prices
(Compiled by Rajesh Kumar Singh in NEW DELHI; Editing by Malini Menon)