New data: India’s economic growth slowed to 0.7% in March
India’s economy grew 0.6% in the March quarter, according to a report released on Thursday.
The country posted its slowest pace in three years, a disappointing outcome for the country that has been struggling to revive after decades of recession.
GDP in India grew 2.9% in 2016, but the country has experienced its worst quarter since 2007.
“This was disappointing because we had been expecting an expansion in the coming quarter,” economist R.V. Srinivasan told Bloomberg News.
“It is difficult to be upbeat about growth in the second quarter, because the data is not as good as we had hoped.”
India’s growth rate of 3.4% in Q2 2017 was far lower than the global average of 6.1%.
The country had experienced a revival in the first half of the year thanks to a combination of strong industrial activity and government subsidies.
That trend has slowed since the third quarter, when growth slowed.
Growth in the fourth quarter of 2017 was flat at 1.8%, according to data from the government.
India is a major beneficiary of the global financial markets.
The nation has more than $6 trillion in foreign reserves, with the largest in the United States.
The IMF and the World Bank say that in 2017, the country’s economic expansion was more than twice that of the next largest economies, China and the United Kingdom.
The government says it plans to add more than 1 million jobs in the next year, which will boost the economy by more than 3%.
India is one of the fastest growing economies in the world.
Its economy grew 6.9 percent in 2016.