India says its economic growth has risen to 4.8 percent in the quarter ending in September. It is an improvement over the previous quarter’s dismal figure but still far below what it needs to pull millions out of poverty.
Asia’s third-largest economy had averaged a healthy 8 percent expansion for the last decade but recently has been faltering. The previous quarter’s growth of 4.4 percent was the lowest in 10 years.
India’s government estimates it needs 8 percent growth to provide jobs for the 13 million people entering the workforce each year out of a population of 1.2 billion. Friday’s figures for the July-September quarter were dragged down by a weak manufacturing expansion of just 1.0 percent.