India GDP to grow significantly

The Indian Government announced that the economy grew in the second quarter of fiscal year 2009 by 7.9% over the same period of last year. India, along with several other Asian economies, is recovering from the global slowdown.

"One point is quite clear that the initiatives taken by the government by providing stimulus and helping the generation of demand domestically has paid dividend," the Finance Minister Pranab Mukherjee said.

"And, corporate sector is also responding. The industrial growth is taking place. Negative growth of exports has come down. And, I do hope things will be okay."

This is the highest growth in the last 18 months and is due to the small percentage of the base rate and governmental programs to stimulate and support the financial sector.