(MENAFN) India said its economic growth will accelerate 7.4 percent this fiscal year on a revised formula for calculating gross domestic product (GDP), The Peninsula Qatar reported.
The economy is set to grow 7.4 percent in the year ending on March, the statistics ministry announced, after earlier revising the forecast expansion to 6.9 percent from 4.7 percent.
In the fourth-quarter period of 2014, Asia's third-largest economy expanded at an annual rate of 7.5 percent, outperforming China's 7.3 percent growth registered in the same period.
"These numbers are much better than initially expected. They definitely come as a surprise and we are in the process of trying to understand them," chief economist at local ratings agency CRISIL said.
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