India’s GDP drops to 7.1 per cent in quarter one of current fiscal

New Delhi: Indian economy has recorded the slowest growth pace in last six quarters. The Gross Domestic Product (GDP) has dropped down to 7.1 per cent in the April-June period of current fiscal. The current fiscal GDP has restrained to performance of mining, construction and farm sectors.

The Central Statistics Office (CSO) has released a report according to which the Gross Value Added (GVA), which is calculated primarily at the factor cost, has showed a growth of 7.3 per cent in the first quarter of 2016-17.

While the April-June quarter of last fiscal had recorded a GDP growth of 7.5 per cent, the January-March quarter had showed a growth rate of 7.9 per cent.

The economic activities which registered growth of over 7 per cent in the April-June quarter in a period of one year, are:

• Manufacturing services of electricity, gas, water supply & other utility services; trade, hotels, transport and communication
• Services related to broadcasting such as financial, insurance, real estate and professional services and public administration, defence and other services.
• Growth in agriculture, forestry, fishing, mining, quarrying and construction was estimated to be 1.8 per cent, (-) 0.4 per cent, and 1.5 per cent respectively.