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Indian economy grows by 7 pct in first fiscal quarter

Xinhua, August 31, 2015 Adjust font size:

The Indian economy logged a 7 percent growth in the first quarter of this fiscal from April to June, lower than the 7.5 percent expansion in the quarter before, said local media Monday.

But the growth was much higher than 6.7 percent registered in the first quarter of last fiscal.

As per official data on gross domestic product (GDP) released by the Ministry of Statistics and Program Implementation, the growth of 7 percent was led mainly by a 12.8 percent expansion in commercial services, 8.9 percent in financial services and 7.2 percent in manufacturing output, said Indo-Asia News Service.

The farm sector expanded by 1.9 percent, below the overall growth rate, and so did the mining industry by 4 percent, energy by 3.2 percent and construction by 6.9 percent, and social and defense services by 2.7 percent. Endi