The Indian economy grew at the
slowest pace in over two years at 6.9 per cent in the quarter ended September, official data showed Wednesday, amid a slowdown in demand, high inflation and steep interest rates.
Manufacturing set to skid further in Q3 According to the data on gross domestic product (GDP) released by the ministry of statistics and programme implementation, the growth during July-September was the lowest since the 6.3 per cent expansion in the April-June quarter in 2009.
The GDP
growth was 7.7 per cent in the quarter ended June and 8.4 per cent in the like period of the previous fiscal, the data showed, which also came amid a general slowdown in the global economy and a
crisis of sorts in the eurozone.
India Inc sees moderation in GDP growthThe latest figures further showed a sluggish manufacturing growth at 2.7 per cent, compared to 7.8 per cent in the like period of last year, while the agriculture output rose 3.2 per cent, against 5.4 per cent. Mining output, in fact, declined 2.9 per cent against 8 per cent.
The construction sector, too, registered a retarded growth of just 4.3 per cent against 6.7 per cent, while the financial, insurance, real estate and other business services grew at a healthy 10.5 per cent against 10 per cent.
Crisil lowers growth target to 7.5% The electricity and gas sector also rose reasonably well at 9.8 per cent, while the hotels, transport and communication business reported a 9.9 per cent increase in output.
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