Gross savings rate up from 29.8% to 30.7%

India's gross domestic savings rate increased from 29.8 per cent in 2003-04 to 30.7 per cent in 2007-08, said Union foreign minister Pranab Mukherjee, who is holding additional charge of the finance portfolio while presenting the Interim Budget for 2009-10 on Monday in parliament.

India's gross domestic product has increased by 7.5 per cent, 9.5 per cent, 9.7 per cent and 9 per cent in the first four years from fiscal year 2004-05 to 2007-08 recording a sustained growth of over 9 per cent for three consecutive years for the first time.

India is second fastest growing economy in the world with 7.1 per cent GDP expansion in 2008-09, Mukherjee said.