India's Q1 GDP growth slows to 7.1%, lowest in 6 quarters

Indian economy grew at the slowest pace in last six quarters at 7.1 percent in the April-June period of current fiscal mainly on subdued performance of mining, construction and farm sectors.

Zee Media Bureau

New Delhi: Indian economy grew at 7.1 percent in the April-June quarter of 2016-17 as compared to 7.9 percent in the previous quarter.

GDP growth for the first quarter is even lower than 7.5 percent growth registered in the first quarter of last financial year.

This is also the lowest GDP growth in last 6 quarters. The previous low was 6.6 percent in the October-December quarter of the 2014-15 fiscal.

The government has targeted the GDP growth to top 8 percent this fiscal, mainly on the back of a normal monsoon season.

Growth in collection of  excise duties, custom duties and service tax was  61 percent, 18 percent and 29 percent respectively in  Q1, 2016-17 as against growth of 104 percent, 22 percent and 14 percent respectively, in Q1 2015-16.  

Major subsidies grew by 53 percent in Q1 of 2016-17 as against decline of 26 percent in Q1 2015-16.

The growth rate of the entire previous fiscal -- at 7.6 percent -- had made India the fastest expanding economy globally, overtaking China.