Poor manufacturing and mining performance dragged economic growth in the April-June quarter to 4.4 per cent, the slowest since the 2008 global financial crisis, the Hindu Business Line reported. It is lower than the 5.4 per cent growth logged in April-June last year and 4.8 per cent in January-March this year.
While manufacturing output fell 1.2 per cent, mining declined 2.8 per cent, official data released on Friday showed. Farm output grew 2.7 per cent, lower than the 2.9 per cent growth recorded in the same quarter last fiscal. The services sector growth, too, saw a drop. Equally disconcerting is the fact that gross fixed capital formation (GFCF), a measure of the investment happening in the economy, has declined 1.18 per cent (at constant prices) year-on-year.
Read the full report here