India growth slows to 7.3% in last quarter
09 February 2016, Nirapad News: India’s economy grew at an annual rate of 7.3% in the October to December quarter, official figures show compared with a revised 7.7% in the previous quarter.
The GDP growth in the quarter was in line with economists’ forecasts, reports the BBC.
Even though the economy lost steam in the last quarter, its pace of expansion was faster than 6.8% growth posted by China in the same quarter.
Official growth figures for previous quarters were sharply revised higher.
The Indian government said it expected annual growth to accelerate to 7.6% in the fiscal year ending in March 2016.
However, some economists say the latest growth figures are at odds with other data, including weak exports, railway freight, cement production, investment and flat order books.
Ritika Mankar, an economist at Ambit Capital, said, ‘The new GDP series and the information it is conveying, not just in terms of level but also in terms of the direction, seems counter intuitive… Our own proprietary tool based on real economy indicators suggests that economic momentum has been decelerating’.