India’s economic growth has remained subdued, due largely to a slowdown in the manufacturing sector, official figures have shown.
The economy grew at an annual rate of 4.6% between January and March, below analysts’ forecasts and the same pace as the previous quarter.
For the full 2013-14 financial year, growth was 4.7%, the second straight year of sub-5% expansion.
New Prime Minister Nahendra Modi has pledged to boost growth.
The manufacturing sector contracted at an annualised rate of 1.4% over the quarter, while the mining sector shrank by 0.4%. Offsetting this was a 6.3% growth in the agricultural sector.
Asia’s third-largest economy has been weighed down in recent years by high inflation, a weak currency and a fall in foreign investment.
Two years ago, India’s growth rate stood at about 8%.
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