India economy grows 7.1pc in April-June

AFP, NEW DELHI: India’s economic growth slowed sharply in the first quarter of the 2016-17 financial year, missing expectations, official data released yesterday showed.
Gross domestic product expanded 7.1 per cent year-on-year in the three months from April-June, down from the stellar growth of 7.9 per cent in the preceding quarter, according to the statistics ministry.
The numbers also fell short of economists’ expectations, with most predicting a slight slowdown in GDP growth to around 7.6 per cent for the quarter.
However, India retained its place as the world’s fastest-growing major economy, with growth having outpaced Asian rival China for more than a year.
India’s rosy GDP figures have drawn questions since the government in January 2015 revised its base year to 2011-12 and introduced new ways of calculating growth which it said were closer to international standards.
The disappointing data came as US Secretary of State John Kerry said India’s economy would only be able to maintain its impressive growth if its bureaucracy ceased to be “an expert in setting up roadblocks”

India economy grows 7.1pc in April-June

AFP, NEW DELHI: Indias economic growth slowed sharply in the first quarter of the 2016-17 financial year, missing expectations, official data released yesterday showed. Gross domestic product expanded 7.1 per cent year-on-year in the three months from April-June, down from the stellar growth of 7.9 per cent in the preceding quarter, according to the statistics ministry. The numbers also fell short of economists expectations, with most predicting a slight slowdown in GDP growth to around 7.6 per cent for the quarter. However, India retained its place as the worlds fastest-growing major economy, with growth having outpaced Asian rival China for more than a year. Indias rosy GDP figures have drawn questions since the government in January 2015 revised its base year to 2011-12 and introduced new ways of calculating growth which it said were closer to international standards. The disappointing data came as US Secretary of State John Kerry said Indias economy would only be able to maintain its impressive growth if its bureaucracy ceased to be an expert in setting up roadblocks