Economic growth slowed in the third quarter to 7.3 per cent from a revised 7.7 per cent, the Central Statistics Office (CSO) reported.
The Gross Domestic Product (GDP) is now estimated to accelerate to a five-year high of 7.6 per cent for the 12-month period ending March 31.The higher growth in FY16 will be possible thanks to robust output in the services sector and a revival in industrial production, though concerns remain on the agriculture front. The 7.6 per cent growth projection for this fiscal will be the fastest pace since 8.9 per cent recorded in FY11. Economic output expanded 7.2 per cent in the preceding 12-month period as per the revised estimate released by the CSO. The 7.3 per cent growth in Q3 will also make India the fastest growing economy in the world, faster than China which witnessed a 6.8 per cent growth in the same period.