India’s GDP growth slows to 6.9 per cent in Q2
30 Nov 2011
The Indian economy grew 6.9 per cent in the second quarter of the current fiscal (April 2011-March 2012), the lowest in nine quarters, prompting a scaling down of the country's economic growth forecast for 2011-12 to 7.3 per cent.
Gross domestic product (GDP) of the country (at factor cost at constant 2004-05 prices) grew at a slower pace of 6.9 per cent during the fiscal second quarter ended 30 September 2011 to an estimated Rs12,27,254 crore against Rs11,48,472 crore in the second quarter of fiscal 2010-11, data released by the Central Statistical Office (CSO) showed.
''Taking into account the trend of last two quarters, I expect the GDP growth to be 7.3 per cent in 2011-12,'' finance minister Pranab Mukherjee told reporters in New Delhi today.
The Indian economy had recorded a growth rate of 8.6 per cent during the similar quarter of the previous fiscal (July-September 2010).
The finance minister attributed the slow growth to multiple problems, including the slow growth in advanced economies as also problems within the country.
''We shall have to try and face this situation and to see what best we can do to face the situation", he said.
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