India's GDP growth slides to 5.3% - NewsX

India's Gross Domestic Product grew at a mere 5.3 per cent in the fourth quarter of the financial year as against 7.8 per cent in the same quarter last year. GDP for the September to December 2011 quarter grew at 6.1 per cent. The GDP growth rate was drastically below the consensus estimates of 6.1 per cent for the fourth quarter. The GDP growth rate for FY12 dropped to 6.5 per cent versus a robust 8.4 percent in FY11. This is the lowest growth rate for India in almost three years. While the growth in the manufacturing sector fell to 0.3 per cent in Q4 as against 0.4 per cent in Q3, the growth in the construction sector also dipped at 4.8 per cent versus 7.2 per cent in Q3. The financial services sector of the economy belied trend and grew at 10 per cent versus 9 per cent in the third quarter.
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