That marked the slowest rate of GDP expansion recorded since the quarter ended September 2017, and lower than economists' estimate. According to a poll by news agency Reuters, the median forecast from more than 55 economists polled on February 19-25 was for a GDP growth of 6.9 per cent.
The economic growth for the previous quarter (July-September) was revised down to 7.0 per cent from 7.1 per cent, according to the official statement. The growth rate in the third quarter of current financial year also marked a significant drop from 8.0 per cent in April-June 2018.
The growth in GDP during 2018-19 is estimated at 7.0 per cent as compared to the growth rate of 7.2 per cent in 2017-18, the Ministry of Statistics said in its statement.
The Central Statistics Office (CSO) has projected GDP growth to average at 7.2 per cent in the current financial year (2018-19).
The Reserve Bank of India, however, has estimated GDP growth at 7.4 per cent in 2018-19. A slowdown in GDP growth momentum supported the central bank's sudden dovish turn in early February when it cut rates and changed its policy stance to "neutral" to boost expansion after a sharp fall in inflation.
For the next financial year, the RBI has projected GDP growth to be in the range of 7.2-7.4 per cent for the first half, and 7.5 per cent in the third quarter. (Agencies)
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