The Mint Report for 31 August 2010

The Mint Report for 31 August 2010

This year’s first quarter has been good for India, with a GDP growth of 8.8%. That’s the highest growth in two and half years. But the high figure is also partly because of the base effect. India’s economy only grew at 6% in the same period last year. Tuesday’s figures beat an RBI forecast from June, which had pegged first quarter growth at 8.7%.

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The government data released on Tuesday also breaks up growth by sector. Industry expanded 10.3% during the quarter, while India’s service sector grew 9.6%. Farming didn’t do nearly as well, with a growth of just 2.8%.

New and improved Ulips will be on offer starting today. The new rules cap the charges and commissions on Ulips. They also make it compulsory to have minimum guarantees and and have extended the lock-in periods. There are 230 Ulips that operate under the old rules. None of them will be marketed again.