In a major setback to Prime Minister Narendra Modi, in an election year the country’s economy grew at 7.1 per cent in July-September, lowest in three quarters. However, it is still remained ahead of China to retain the tag of the world’s fastest growing major economy.
The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent in July-September quarter of the last fiscal, according to government data released Friday.
The size of the GDP in the second quarter of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore a year ago, showing a growth rate of 7.1 per cent, as per a statement of the Central Statistics Office (CSO).
The GDP growth was 7.7 per per cent in January-March quarter while it was at 7 per cent in October-December. The Chinese economy had expanded at the rate of 6.5 per cent in the July-September period this year.