India's economic growth slows to four-year low in June quarter: Government
NEW DELHI (REUTERS) - India's economy grew at the slowest quarterly rate since the global financial crisis in the three months through June, lower than expected and hurt by a contraction in mining and manufacturing, government data showed on Friday.
Analysts polled by Reuters had forecast growth of 4.7 per cent. June's figure of 4.4 per cent was the slowest growth since the Jan-March quarter of 2009.
The Indian economy has been steadily losing momentum in recent years. Economic growth virtually halved in two years to 5 per cent in the fiscal year that ended in March - the lowest level in a decade - and most economists surveyed by Reuters in the past week expect 2013/14 to be worse.
Manufacturing fell an annual 1.2 per cent during the quarter while mining fell by 2.8 per cent, the data showed. while farm output rose 2.7 per cent.