Indian economy grows 7.8% in Q1

14:57, May 31, 2011      

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Indian economy expanded 7.8 percent in the first quarter of 2011, lower than market expectation of 8.2 percent, according a statement released Tuesday by India's Central Statistics Office.

This marks the slowest quarterly growth since 2010 and confirms the slowdown of Indian economy amid monetary tightening.

Meanwhile, India's GDP at factor cost posted 8.5 percent of increase during fiscal year 2010-2011 ending March 31, lightly lower than previous estimate of 8.6 percent.

The slower growth mainly resulted from poor performance of mining and quarrying, manufacturing and service sector, said the statement.

Agriculture sector realized as high as 6.6 percent of growth in last fiscal year as against the earlier estimate of 5.4 percent.

Source: Xinhua
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