Growth rate of India dipped down to 6.1% in the latest quarter ended in March. According to a report published by National Statistics Organisation, the annual growth rate in last financial year remained at 7.1%. The latest figures show a steep decline in the growth rate, which remained over 7 percent in previous 3 quarters.
Prior to this, in the third quarter, the economy was expected to grow at 7.5%, however, the final figure of 7.3% had missed the expectations. Same was the case in second quarter, where economy grew at 7.1%, missing the expectations of 7.6%. In the first quarter of 2016-2017 financial year, the economy grew fastest at 7.9%.
Chief Statistian of India, Dr TA Anant announced the results and stated that GDP was not the only deciding factor behind slow growth rate. He also added that the impact of demonetisation on growth rate can not be underestimated and he will reveal final numbers after a thorough study. Talking of the impacting factors, he stated that slow growth in core sectors was one of the reasons behind slow growth rate. Core sector growth rate last year was estimated to be 8.7%, which has come down to 2.5% this year.
Talking of the major sectors, the highest growth rate of 16.6 percent was experienced by public administration and defence services. Trade, hotels, transportation, broadcasting, communication, Insurance, real estate and financial services grew at 9.8%. Utility services had a growth rate of 6.5% whereas construction had a growth rate of 3.5%.
Gross National Income showed a growth of 10.9 percent and per capita income grew by 9.7 percent.
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