GDP growth at 6.1 percent in December quarterFebruary 29th, 2012 - 2:04 pm ICT by IANS
New Delhi, Feb 29 (IANS) India’s economy has logged its slowest pace of quarterly expansion in the recent past, with gross domestic product (GDP) rising by a mere 6.1 percent in the quarter ended December, official data showed Wednesday.
The economy had grown 8.3 percent in the previous corresponding period.
Higher interest rates, global economic turmoil rubbing off on the country and a slew of policy issues curbing investment sentiment has contributed to the economy’s dismal performance.
Manufacturing was hit hard, logging a meagre 0.4 percent growth in the quarter under review, compared to 7.8 percent in the previous corresponding period, according to data released by the ministry of statistics and programme implementation.
Mining was another sector hit badly and contracted by 3.1 percent. It had registered a growth of 6.1 percent in the Sep-Dec quarter of 2010-11.
Agriculture also saw a sharp decline at 2.7 percent but that was mostly because of a high base as the sector had grown 11 percent in the year-ago period.
The GDP is expected to increase by only 6.9 percent for the whole year.
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