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India's economic growth slows to still strong 8.4 percent in October-December quarter

India's economic growth slows to still strong 8.4 percent in October-December quarter

India's economic growth slowed slightly in the October-December quarter, expanding at a still strong 8.4 percent from the same period a year earlier, driven by manufacturing and construction, the government said Friday.
That was down from the 8.9 growth in the fiscal second quarter and 9.1 percent in the same quarter last year, the data issued by the government-run Central Statistical Organization showed.
The data comes as Finance Minister P. Chidambaram presents the annual budget Friday.
Manufacturing grew 9.3 percent and contruction gained 8.4 percent in the fiscal third quarter, but agriculture continued to lag behind growing only 3.2 percent, figures showed.
On Thursday, the government's annual Economic Survey said that the economy is expected to grow by 8.7 percent this fiscal year, slowing from 9.6 percent growth rate it achieved in the 2006-2007 fiscal year, its fastest expansion in nearly two decades.
The survey said it was forecasting a slowdown because of tighter monetary policy and a weakening global economy.
In the booming services sector, trade, hotels, transport and communication activities were likely to expand 12.1 percent, compared to expansion of 11.8 percent the previous fiscal year, the statistics organization said.
Agriculture appeared to be growing at a much slower rate of 2.6 percent during the current financial year, down from 3.8 percent the previous year, it said.


Updated : 2021-05-09 00:54 GMT+08:00