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India's economic growth falls to two year low in Quarter 3

New Delhi, Wed, 29 Feb 2012 ANI

New Delhi, Feb 29 (ANI): India's economic growth rate fell to 6.1 per cent in the third quarter this fiscal, the lowest in over two years.


The downfall is being attributed to poor performance in manufacturing, mining and farm sectors.


The Gross Domestic Product (GDP) growth in third quarter (October-December) last fiscal was 8.3 per cent, as per the latest data released by the government on Wednesday.


GDP in April-December period also moderated to 6.9 per cent from 8.1 per cent in the first nine months of 2010-11.


During the quarter ending December 31, growth in the manufacturing sector dipped to a meagre 0.4 per cent from 7.8 per cent in the corresponding period of 2010-11.


Farm output also exhibited a similar trend and expanded by just 2.7 per cent during the quarter, compared to 11 per cent in the corresponding period last fiscal.


Mining and quarrying production contracted by 3.1 per cent during the quarter under review, as against a growth of 6.1 per cent in Q3 of last fiscal.


Growth in the construction sector also slowed to 7.2 per cent during the quarter from 8.7 per cent in the same period a year ago.


The Central Statistical Organisation has pegged the GDP growth for 2011-12 at 6.9 per cent, while the Prime Minister's Economic Advisory Council (PMEAC) expects that it would be 7.1 per cent.


The slowdown in the manufacturing sector, coupled with decline in mining and quarrying, is likely to put pressure on the Reserve Bank of India to cut interest rate at its mid-quarter monetary policy review on March 15.


Finance Minister Pranab Mukherjee in his Budget for 2012-13, to be presented on March 16 is expected to announce steps for reviving the economy. (ANI)


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