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Indian economy slows down to 3-month low of 7.1% in Q2; retains tag of world’s fastest growing major economy

According to government data released on Friday, the Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent in July-September quarter of the last fiscal.

Edited by: India TV Business Desk, New Delhi [ Updated: November 30, 2018 21:24 IST ]

Indian economy - Representational Pic

India’s GDP growth hit a 3-month low of 7.1 per cent in Q2 (July-September) but still beat China to retain the tag of the world’s fastest growing major economy.

According to government data released on Friday, the Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent in July-September quarter of the last fiscal.

The size of the GDP in the second quarter of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore a year ago, showing a growth rate of 7.1 per cent, as per a statement of the Central Statistics Office (CSO).

Read Also | 7.1% GDP growth in Q2 'disappointing': Finance Ministry

Indian economy grew at 8.2 per cent in April-June quarter of this fiscal.

The GDP growth was 7.7 per per cent in January-March quarter while it was at 7 per cent in October-December.

The Chinese economy had expanded at the rate of 6.5 per cent in the July-September period this year.

India’s GVA (gross value added) at Constant (2011-2012) Prices for second quarter this fiscal is estimated at Rs 31.40 lakh crore, as against Rs 29.38 lakh crore year ago, showing a growth rate of 6.9 percent over the corresponding quarter of previous year.

The CSO said that mining and quarrying output has declined by 2.4 per cent in the quarter from a growth of 6.9 per cent in year ago period.

However, the manufacturing activities expanded at the rate of 7.4 per cent in the quarter under review up from 7.1 per cent in the year ago quarter.

The construction sector too showed an improvement by recording a growth of 7.8 per cent as against 3.1 per cent earlier.

The farm sector too grew at a higher rate of 3.8 per cent in the quarter as against 2.6 per cent a year ago.  

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