India's economy grew by 7% in first quarter

GMT 13:07 2015 Monday ,31 August

Arab Today, arab today India's economy grew by 7% in first quarter

Indian employees work at a textile factory
New Delhi - Arab Today

India's economy grew by a slower than expected 7.0 percent in the first quarter of this financial year, official figures showed Monday.

Growth in the three months through June slowed to 7.0 percent year-on-year from 7.5 percent in the previous quarter, the statistics ministry data showed.

The figures were lower than the median forecast of 7.4 percent in a survey of economists by Bloomberg News.  

India's growth overtook that of regional economic powerhouse China in the first three months of 2015, prompting Finance Minister Arun Jaitley to announce the economy was in "recovery mode". 

But analysts said the latest figures indicated the government's attempts to revive the economy were faltering.

"The GDP number shows that there is no take-off in any of the key sectors of the economy," Madan Sabnavis, chief economist at Care Ratings, told AFP.

"The high government spending which was expected to provide the boost is not being reflected in the numbers."

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