India's Gross Domestic Product (GDP) grew at 6.1 per cent for the quarter ending 31 December 2011, signalling a sharp slowdown in economic activity.
The GDP growth is also slower than the 6.9 per cent in the September quarter, and has been declining for the past nine quarters. This is also the lowest in the past 13 quarters.
A Thomson Reuters poll of 26 economists released on Tuesday had put GDP growth at an annual 6.4 percent rate in the quarters, with forecasts ranging from 6.0 to 7.3 per cent with a majority of them lying below the consensus.
Manufacturing growth was hurt the most in the December quarter, clocking 0.4 per cent against 7. 8 per cent in the corresponding period last year. Agriculture also saw a sharp decline at 2.7 per cent, down from 11 per cent in the year-ago period.
Mining fell by almost half, from 6.1 per cent to 3.1 per cent, signally lower supply of raw materials for industry but also fuelled by lower demand as higher interest rates have put off companies from investing in expansion.
The trade and hotels industries fared better at 9.2 per cent, while construction slowed marginally from 8.7 per cent to 7.2 per cent.
Read more at: http://www.ndtv.com/article/profit/india-gdp-growth-slows-to-6-1-in-december-quarter-298753
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