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NEW DELHI: India’s growth slumped to 5.7 percent in the first quarter of the financial year, official data showed Thursday, below predictions as a controversial banknote ban dragged further on the economy.
The figures released by the Central Statistics Office were lower than the 6.1 percent recorded in the previous quarter, and less than forecast by many economists in one of the world’s fastest growing economies.
The official figures show India’s economic growth still lags far behind regional rival China, which expanded at 6.9 percent over the same period.
Last year, India’s economy clocked 7.1 percent for the first quarter.
But since then Prime Minister Narendra Modi has rolled out two large economic reforms — the introduction of a goods and services tax (GST), and the snap withdrawal of most of India’s high-value banknotes from circulation.
In February, the government had forecast gross domestic product (GDP) growth of between 6.75 percent and 7.5 percent for 2017-2018.
However, in a survey released August, the government warned several factors including the introduction of the GST and appreciation of the Indian currency, could drag on growth.
— AFP