Economic Growth Slows To 7.7% In Apr-Jun,Weakest In 1-1/2 Yrs

New Delhi, Aug 30: Indicating slowdown, the economic growth rate for the April-June period slipped to 7.7 per cent, the lowest level in the last one-and-a-half years, prompting the industry to urge RBI to refrain from more rate hikes.

Finance Minister Pranab Mukherjee termed the slippage in growth, primarily due to poor performance by manufacturing and mining, as “disappointing”.

In the April-June quarter of previous fiscal (2010-11), the economy grew by 8.8 per cent, which is the revised figure, downwards from from initial estimates of 9.3 per cent.

“There is no room for complacency. We shall have to work very hard—the government and the industry—and I am confident that our workers and farmers would make their contribution in ensuring growth with inclusion,” he said, adding that one of the important ingredients is creation of more jobs.

From: http://ping.fm/jZnee