India's economic growth rate slows to 5.3%

The economy of India grew just by 5.3 percent in July-September quarter of this fiscal year 2012-2013. The economy dropped down the rate of growth because of poor performance of the agriculture as well as manufacturing sectors and it is persistently indicating slowdown signs. 

In the previous fiscal year, the gross domestic product (GDP) had grown by 6.7 percent in the same quarter. In the first quarter of 2012-2013, the economy had grown by 5.5 percent. 

By the end of the July-September quarter, i.e., on 30 September 2012, the manufacturing sector had grown marginally by just 0.8 percent in comparison to 2.9 percent in the same quarter last year, revealed the Central Statistical Organisation.

The output of the farm sector expanded merely 1.2 percent in this quarter in 2012-2013 financial year in contrast to 3.1 percent in same quarter last year.