India’s economy is speeding up. A wave of new investments has boosted growth for the fiscal year to a higher than expected 7.4%. That annual figure was helped along by a surge in the last quarter, in which the economy expanded 8.6%.
Some sectors showed solid growth. Farming nudged up a modest 0.2% against expectations of a contraction. And industry expanded at a higher than expected 9.3%. But services growth came in at less than forecast at 8.5%.
In politics, it was a surprise victory in West Bengal. On Wednesday Mamata Banerjee’s Trinamool Congress swept to power in the Kolkata Municipal Corporation elections. All in all, it got 95 out of the total 141 wards. The ruling Left Front got just 33 and the Congress won 10. Polls for the municipal corporation were held last Sunday.
The victory is a major blow to the CPM, a party that’s been trying to get back in the game ever since its poor showing in Bengal during last year’s general election. The CPM’s big challenge will now come next year, when it faces the Trinamool in state elections. West Bengal has been ruled by the CPM for more than three decades.
The Hindujas are turning to India. After having built operations around the world for nearly a century, the Hinduja Group now plans to drastically increase its India presence. It has told Mint it wants to make 25% of its revenues from India within the next five years. At present, the country accounts for just 7% of its total revenue.
Production of the world’s cheapest car is all set to accelerate. On Wednesday, the company inaugurated a new factory for the Nano in Sanand in Gujarat. The new plant will be able to churn out up to a quarter of a million Nanos every year. Tata Motors currently has orders for more than 200,000 Nanos, but has actually sold only about 34,000.