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India’s economic growth slows to a five-quarter low of 6.6 per cent in October-December this fiscal, from 7 per cent a year ago, as per government data released Thursday. The growth estimate has been lowered to 7 per cent in 2018-19 from 7.2 per cent released earlier, said Central Statistics Office.
The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 7 per cent in October-December quarter of the previous financial year. “GDP at Constant (2011-12) Prices in Q3 of 2018-19 is estimated at Rs 35.00 lakh crore, as against Rs 32.85 lakh crore in Q3 of 2017-18, showing a growth rate of 6.6 per cent. “GDP growth rates for Q1 and Q2 of 2018-19 at Constant Prices are 8.0 per cent and 7.0 per cent respectively,” the Central Statistics Office (CSO) said in a statement.
Meanwhile, the growth of eight core sectors slowed down to 1.8 per cent in January due to fall in output of crude oil, refinery products and electricity, official data showed Thursday. Eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — had expanded by 6.2 per cent in January 2018.
Production of crude oil, refinery products and electricity contracted by 4.3 per cent, 2.6 per cent and 0.4 per cent, respectively, in January.
