NEW DELHI: Hit hard by demonetisation, India lost the tag of the fastest growing economy to China in the March quarter with a GDP growth of 6.1 per cent, pulling down the 2016-17 expansion to a three-year low of 7.1 per cent.
The bad news of the economy growing at the slowest pace in three years mainly on account of poor performance of manufacturing and service sectors come at a time when the Modi Government is celebrating three years in office.
The GDP growth in 2016-17 is slowest in two years. It was 8 per cent in 2015-16 and 7.5 per cent in the previous year.
The growth for the 2016-17 fiscal has slowed down despite very good showing by the agricultural sector.
China had reported a growth of 6.9 per cent in the January-March quarter of 2017. India had for the first time outpaced China in GDP growth rate in 2015. (AGENCIES)
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