India’s growth slows to 7.1 percent in third quarter

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New Delhi, Feb 8 (IANS) The Indian economy grew 7.3 percent in the third quarter ended December 31, 2015 — down from the 7.7 percent expansion in the previous quarter, but marginally up over the 7.1 percent over the like period of last fiscal, official data showed on Monday.

As per official data on gross domestic product (GDP) released by the Central Statistics Office (CSO), the growth was pulled down by lower production in ‘agriculture, forestry and fishing’, ‘electricity, gas and water supply and other utility services’ and ‘financial, real estate and professional services’.

Inadequate rainfall this year meant agriculture and allied activities registered negative growth of (-)1 percent in the quarter — compared to a 2 percent growth in the previous quarter. Besides, there was a 6 percent growth in electricity, gas, water supply and other utility services — as against 7.5 percent growth in the second quarter.

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Financial and professional services income in the September-December quarter grew at 9.9 percent — compared to 11.6 percent in the previous quarter.

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