India's economy grew at a much lower pace of 5.5
per cent year-on-year in the April-June quarter, confirming the
slowdown in Asia's third-largest economy, dpa quoted official data as showing
The figure compared to the 8-per-cent growth in the same period a
year ago, according to a statement released by the Central Statistics
But it was slightly better than the 5.3-per-cent growth in the
previous quarter ending March. Economists had predicted a gross
domestic product growth rate of 5.2 per cent.
The disappointing economic performance was attributed to a mere
0.2-per-cent growth in the manufacturing sector against 7.3 per cent
in the same quarter of the previous year.
Farming growth also dropped from 3.7 per cent to 2.9 per cent, the
India had set a target of double-digit annual growth to eliminate
poverty and provide jobs for its increasing population of young
people, but growth rates have fallen sharply over recent quarters.
The latest figures have raised questions over whether the country
will be able to meet its growth forecast for the current financial
year of 6-6.5 per cent.