India experienced its slowest economic growth in three quarters, as figures revealed GDP increased 7.1% between July and September, according to the Central Statistics Office. The government has been trying hard to boost growth, but it is still struggling with a slowdown in consumer spending, which accounts for about two-thirds of India's economy. Despite the slower growth in the quarter, from April to September India experienced the highest growth rate in the world at 7.6%, according to the Economic Affairs Secretary, and its economy is also growing faster than China's, which expanded 6.5% between July and September. Manufacturing growth at 7.4 per cent and agriculture growth at 3.8% is steady. The International Monetary Fund has forecast 7.3% growth during the 2018-2019 financial year.
India experienced its slowest economic growth in three quarters, as figures revealed GDP increased 7.1% between July and September, according to the Central Statistics Office. The government has been trying hard to boost growth, but it is still struggling with a slowdown in consumer spending, which accounts for about two-thirds of India's economy. Despite the slower growth in the quarter, from April to September India experienced the highest growth rate in the world at 7.6%, according to the Economic Affairs Secretary, and its economy is also growing faster than China's, which expanded 6.5% between July and September. The International Monetary Fund has forecast 7.3% growth during the 2018-2019 financial year.