The Indian economy grew a meagre 7.7% in the first (April-June) quarter of fiscal year 2012 as against 9.3% recorded in the same quarter last year.
The slowdown was mainly due to manufacturing sector, which grew 7.2% during the quarter versus 12.7% on year-on-year basis.
Ariculture output showed an improvement, expanding by a robust 3.9% over 2.4% (YoY), the mining and quarrying sector grew by a minuscule 1.2% growth as against 7.7% growth in the first quarter of the previous fiscal. Construction took a major beating, growing a meagre 1.2% annually.
The services sector, including insurance and real estate, grew by 10% during the quarter, compared to 9.8% expansion in the corresponding period last year, while industry grew by 5.1%.
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