India Growth Slows In December Quarter

(RTTNews) - India's economic growth slowed sharply in the three months to December, preliminary estimates from the statistics ministry showed Monday. Gross domestic product grew 5.4 percent year-on-year following an 8.5 percent increase in the previous three months, which was revised from 8.4 percent. Economists had forecast 6.0 percent growth.

In the same quarter a year ago, the economy expanded 0.7 percent. The April quarter growth was revised to 20.3 percent from 20.1 percent. The growth estimate for the fiscal year 2021-22 was revised down to 8.9 percent from 9.2 percent announced on December 31. The Indian economy shrank 6.6 percent in the the fiscal year ended March 31, 2021. The government had earlier projected GDP expansion of 8-8.5 percent for fiscal 2023.