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India's GDP slows to 5.5 p.c. in Q1

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CIOL Bureau
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NEW DELHI, INDIA: The Indian economy grew at a much lower pace of 5.5 per cent in the first quarter of this fiscal, as per official estimates of the country's gross domestic product (GDP) released Friday, against 8 per cent in the like period of 2011-12.

The drop was mainly on account of a mere 0.2 per cent growth in the manufacturing sector, against 7.3 per cent in the previous fiscal, even as farm growth also dropped from 3.7 per cent to 2.9 per cent, showed the data of Central Statistical Organisation (CSO).

Surprisingly, construction and services sector, which includes insurance, finance and realty, grew at 10.9 per cent and 10.8 per cent, respectively. Output from these two groups had expanded by 3.5 per cent and 9.4 per cent in the first quarter of last fiscal.

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