India’s economic growth continued to remain sluggish, despite a pickup in exports and agricultural output.
The gross domestic product (GDP) grew at less-than-expected 4.7 per cent in the October-December quarter, according to data released by the statistics department.
The economy had grown at 4.8 per cent in the September quarter. This is the fifth quarter in a row that the economy has grown below 5 per cent.
Contracting industrial output and an investment slowdown has slowed India’s growth to half the rate of the boom years of the past decade.
Finance Minister P. Chidambaram in the interim budget presented earlier this month said that economic growth would recover to at least 5.2 per cent in the second of 2013/14 from 4.6 per cent in the first half.