India’s economy grew at 7.1 per cent during the July-September quarter, the rate is lowest compared to the past three quarters. Despite this lowered growth rate India retains the tag of the world’s fastest growing major economy as its growth rate remained higher than that of China.
The Q2(2018-19) growth rate is higher compared to corresponding figures for the last fiscal year – the Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent during the time period of July- September 2017.
Second quarter results compared to the corresponding period last year also showed a higher growth rate in construction sector (which grew at 7.8%), farm sector (which grew at 3.8%) and manufacturing sector (which registered a 7.4% growth).
Most analysts had predicted a slide in the second quarter after a surprisingly high rate of 8.2% growth achieved in the first quarter of 2018-19 fiscal year.
