4.7% Growth in Indian economy in Sept Quarter

A Reuters poll showed that annual growth in gross domestic product in the September quarter was 4.7%, registering a dip from 5% in the last quarter & a 7% growth in the corresponding period the previous year. This is the weakest pace in more than six years of the economy’s expansion. This has been attributed to consumer demand and weakened private investment and a global slowdown that severly hit exports.”Agrarian distress and dismal income growth so far, coupled with subdued income growth expectation in urban areas, have weakened consumption demand considerably,” stated Devindra Pant, Chief Economist at Fitch arm India Ratings & Research.