Quote by Dharmakirti Joshi, Chief Economist, CRISIL Ltd on GDP data release today

"After a strong growth of 7.8% in the first quarter, the second quarter too surprised on the upside with 7.6% growth. This takes the first half GDP growth to a robust 7.7%.

However, we still expect growth to slow in the second half due to deepening global slowdown; the lagged impact of domestic rate hikes manifesting fully through the second half of this fiscal; and erratic weather and an El Niño event creating some downside to agricultural growth prospects. The advance estimates from Ministry of Agriculture peg kharif production at 4.6% lower than last year.

Despite moderation in the second half, India is expected to outperform other large economies this fiscal year."