India reports weaker quarterly growth of 5.3 per cent

May 31, 2012 |

New Delhi

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The Indian economy expanded by a much slower-than-expected 5.3 per cent in the January-March quarter, official data showed on Thursday, adding further pressure on the embattled government.

For the full fiscal year to March 2012, the economy expanded 6.5 per cent, - lower than the government's estimate of 6.9 per cent and far below the 8.4 per cent of the previous year.

The final quarter saw a contraction in the key manufacturing sector, where output shrank 0.3 per cent, while farm, construction and mining production grew only modestly.

Analysts had forecast growth of 6.1 per cent in the quarter and the poor figures will increase the gloom shrouding Asia's third-largest economy and likely deepen the falls of the rupee, which is at record lows against the dollar.

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