New Delhi: The economic growth rate of 8.8% during the first quarter ended June is almost in line with the expectations of Dalal Street, reports PTI quoting analysts.
"The growth rate of 8.8% is as per our expected line and is good. We were expecting that the economy will expand by 8.9%, but 8.8% rise is almost in our line," SMC chairman and managing director SC Aggarwal said.
"We did well during the first quarter and our economy is on right track," Bonanza Portfolio V-P (equity & institutional sales) RL Narayanan said.
Echoing the view, CNI Research CMD Kishore Ostwal said: "The number was very much in the line with Dalal Street expectation. Market did not react to the impressive growth as it was not a surprise."
The broader market did not gave any sharp reaction to the GDP data released today and the BSE benchmark Sensex was little changed after the growth rate flashed.
The 30-share barometer, which was under pressure since morning, was quoting at 17,865, down by 167 points at noon.
"Market is down, but may bounce back in the later half of the day," Mr Ostwal added.
Indian economy, the world's second fastest growing economy, expanded by 8.8% in the quarter to June on the back of robust manufacturing growth.
Manufacturing grew by strong 12.4% in April-June, 2010 against a 3.8% growth rate during the same period last year. Construction grew by 7.5% compared to 4.6%.
New Delhi: The Supreme Court had on 12th August asked the Centre to consider free distribution of food grains to the hungry poor of the country instead of allowing it to rot in Food Corporation of India godowns, reports PTI.
The bench had passed the direction while dealing with a public interest litigation (PIL) filed by civil rights group Peoples' Union for Civil Liberties (PUCL) on rampant corruption in Public Distribution System (PDS) besides rotting of food grains in FCI godowns.
Earlier, the apex court had asked the government to consider the suggestions for disbanding public distribution system (PDS) supply to Above Poverty Line (APL) families and restrict the benefit only to Below Poverty Line (BPL) families and Antyodaya Anna Yojana (AAY) scheme beneficiaries.
However, the Centre, in an affidavit, had said it was extending the PDS supply to APL families only after meeting the requirements of the BPL/ AAY beneficiaries.
It had also mentioned in the affidavit that a task force headed by Director General, National Informatics Centre, was set up on 9th August comprising representatives of Department of IT, UIDAI, Department of Food and Public Distribution, FCI and Food Secretaries of selected states/UTs as members.
The task force is entrusted with the responsibility of working out the modalities for integration of the existing projects and also to suggest how UIDAI will be eventually leveraged.