NEW DELHI: According to data released by the Central Statistics Office (CSO), the Indian economy has slowed down sharply in the January-March quarter to 6.1%, down from 7% in the previous quarter.
On the other hand, the overall pace of growth in 2016-17 moderated to a three-year low of 7.1%, on Wednesday. Economists said the dip was due to the impact of the government move to scrap some high value notes in November last year hurting sectors such as construction.
Purely based on the rate of quarterly growth, the Indian economy may have ceded its place as the fastest growing major economy in the world to China, which expanded 6.9% during the January-March period in 2017.
Overall growth in 2016-17 slowed from the previous year’s upwardly revised 8% growth. In terms of annual GDP growth, India remains the fastest growing major economy in the world. The 7.1% growth was in line with government estimates.