Economy slows further, posts growth of 4.5%
India's economic slowdown deepened in the October-December quarter, expanding by 4.5% on an annual basis.business Updated: Feb 28, 2013 17:56 IST
India's economic slowdown deepened in the October-December quarter, expanding by 4.5% on an annual basis, hurt by a slowdown in agriculture, mining and manufacturing, government data showed on Thursday.
Analysts polled by Reuters had forecast growth of 5%. The country's economy grew at a lower-than-expected 5.3% in the September quarter.
The Indian economy has lost momentum in recent years. Preliminary estimates earlier this month showed the economy is on track to grow just 5% in the current fiscal year to March.The manufacturing sector grew an annual 2.5% during the December quarter while farm output rose just 1.1%, the data showed. Mining fell by 1.4%.
The Indian economy, the world's tenth biggest, is projected to expand by 5% this fiscal year to March, the lowest figure for a decade.(With inputs from AFP)