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City Union Bank

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New Delhi,  (PTI) India’s economy grew at 7.1 percent in July-September, lowest in three quarters, but still remained ahead of China to retain the tag of the world’s fastest-growing major economy.

The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 percent in the July-September quarter of the last fiscal, according to government data released Friday.

The size of the GDP in the second quarter of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore a year ago, showing a growth rate of 7.1 percent, as per a statement of the Central Statistics Office (CSO).

The Indian economy grew at 8.2 percent in the April-June quarter of this fiscal.

The GDP growth was 7.7 percent in the January-March quarter while it was at 7 percent in October-December.

The Chinese economy had expanded at the rate of 6.5 percent in the July-September period this year.

India’s GVA (gross value added) at Constant (2011-2012) Prices for second quarter this fiscal is estimated at Rs 31.40 lakh crore, as against Rs 29.38 lakh crore year ago, showing a growth rate of 6.9 percent over the corresponding quarter of previous year.

The CSO said that mining and quarrying output has declined by 2.4 percent in the quarter from a growth of 6.9 percent in year-ago period.

However, the manufacturing activities expanded at the rate of 7.4 percent in the quarter under review up from 7.1 percent in the year-ago quarter.

The construction sector too showed an improvement by recording a growth of 7.8 percent as against 3.1 percent earlier.

The farm sector too grew at a higher rate of 3.8 percent in the quarter as against 2.6 percent a year ago.

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