India's gross domestic product slowed to a quarter low of 6.7 per cent in April-June this fiscal against 8.2 per cent in the year-ago period, mainly due to poor showing by the farm sector, shows government data.
Growth in Asia's third-largest economy had been well above 7 per cent during previous quarters.
The previous GDP low was 6.2 per cent in January-March 2023.
India remains the fastest-growing major economy, as China's GDP growth in the April-June quarter was 4.7 per cent.
The agriculture sector recorded a 2 per cent growth, down from 3.7 per cent in the April-June quarter of 2023-24, as per the National Statistical Office (NSO) data released on Friday.
However, the growth in the manufacturing sector accelerated to 7 per cent in the first quarter of the current fiscal compared to 5 per cent in the year-ago period.
"While the Q1 FY25 GDP growth has come in softer than expectations, the GVA (Gross Value Added) has remained firm, with non-farm growth holding up well," Upasna Bhardwaj, Chief Economist at Kotak Mahindra Bank in Mumbai, told Reuters.
"We retain our GDP growth expectations of 6.9% in FY 2025, aided largely by rural demand and government spending, while closely watching the likely fatigue in urban demand, private capex and the pace of global slowdown," Ms Bhardwaj added.
The expansion in 'financial, real estate and professional services' GVA has slowed to 7.1 per cent from 12.6 per cent in the year-ago quarter.
"Real GDP or GDP at Constant Prices in Q1 of 2024-25 is estimated at Rs 43.64 lakh crore against Rs 40.91 lakh crore in Q1 of 2023-24, showing a growth rate of 6.7 per cent," the National Statistical Office (NSO) said in a statement.
Electricity, gas, water supply and other utility services grew by 10.4 per cent from 3.2 per cent.
The construction segment also grew by 10.5 per cent from 8.6 per cent a year ago.
Trade, hotels, transport, communication and services related to broadcasting slowed to 5.7 per cent from 9.7 per cent a year ago.
(With agency inputs)
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