New Delhi, Aug 30 (ANI): Union Finance Minister Pranab Mukherjee on Tuesday expressed disappointment over the slowdown in the country's GDP growth rate.
Talking to reporters here, Mukherjee said: "First quarter figure, GDP is 7.7. Of course, compared to the first quarter figure of the previous year it is much less. First quarter figure of the previous year was 9.1 percent. But this year it is 7.7 percent. I expected little more."
While gross domestic product in Asia's third-largest economy fell below eight percent for the second straight quarter, the Reserve Bank of India is expected to continue with its monetary tightening to fight inflation that remains above nine percent.
"We shall have to keep in mind that still there are some areas of uncertainty. Uncertainty in the global scenario, uncertainty of course monsoon is not yet over. Last leg is yet to be over," Mukherjee said.
In the latest data released by the government today, GDP growth for the April-June quarter of the 2010-11 fiscal has also been revised downward to 8.8 percent from the earlier provisional estimate of 9.3 percent.
During the quarter ending June 30, 2011, growth in the manufacturing sector dipped to 7.2 percent from 10.6 percent in the corresponding period of 2010-11.
In addition, the mining and quarrying sector grew by just 1.8 percent during the quarter under review, as against 7.4 percent growth in the first quarter of the previous fiscal.
However, farm output showed an improvement, expanding by 3.9 percent during the quarter under review, compared to 2.4 percent in the corresponding three-month period last fiscal.
The trade, hotels, transport and communications segments grew by 12.8 percent in the quarter under review, up from 12.1 percent in the year-ago period.
The services sector, including insurance and real estate, grew by 9.1 percent in the June quarter this year, compared to 9.8 percent expansion in the corresponding period last year. (ANI)
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