India's GDP dips to 5.3 pc in third quarter

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New Delhi, Feb 27: Raising concerns, India's Gross Domestic Product (GDP) growth for the third quarter ended Dec 2008 slipped to 5.3 pc due to negative growth in agriculture and manufacturing sectors. The service sector recorded a growth of 9.9 per cent while the construction sector grew at 6.7 per cent.

Manufacturing sector witnessed a decline by 2.0 pc for the entire quarter against a substantial expansion of 8.6 per cent a year back. Giving some relief to the economy the mining sector growth stood at 5.3 pc as compared to 3.9 pc in the last quarter.

This fiscal, for the first nine months, Indian economy projected a growth rate of 6.9 pc as against 9 pc in the same period of 2007-08. For the whole of 2008-09, the economy projected 7.1 pc growth. To achieve this rate now the economy must grow substantially by over 7 pc next quarter.

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