India’s growth decelerated to 4.7 percent in the October-December quarter last year, the government said Friday, showing that a return to the robust economic expansion of a few years ago remains far from reach.
It was the fifth quarter in a row that year-on-year GDP growth was below 5 percent in Asia’s third-largest economy. The growth rate was down from 4.8 percent for the previous quarter ending in September.
India’s government has struggled to bring back the 8 percent growth rate the country averaged for a decade. That level is what the government says is needed to provide jobs for the 13 million people entering the workforce each year out of a population of 1.2 billion.
Growth in the latest quarter was dragged down by a year-on-year contraction of 1.8 percent in manufacturing and a 1.6 percent drop in mining.
Anjalika Bardalai, an analyst for Eurasia Group, said the weakened numbers for the October-December third fiscal quarter make it all but sure India would have economic growth below 5 percent for a second fiscal year.
Just a few years ago, India was touted as a rising economic power that could even outdo China.
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