India's Growth Rate Dips to 5.3% in July-Sept 

(MENAFN - Qatar News Agency) According to official figures released by India's Central Statistical Organisation (CSO), the Indian economy dipped to 5.3% during the July-September quarter of the current financial year, as compared to 5.5 % in the previous quarter.

The slight dip was attributed to poor performance of the manufacturing and agriculture sectors, which are showing signs of slowdown.

Terming the second quarter economic growth rate of 5.3% as "below expectations", Finance Minister P Chidambaram on Friday said it was mainly due to scanty rainfall and poor showing by the manufacturing sector.

"Overall, the growth rate is below our expectations," Chidambaram said in a statement after the official data showed that GDP growth fell to 5.3%in July-September period.

During the three-month period ended September 30, the manufacturing sector grew marginally by 0.8%, against 2.9% growth in the same period of 2011-12, according to the data released here on Friday. Farm sector output expanded by just 1.2% during the said period against 3.1% in the same period last year.

Mining and quarrying sector, however, showed some improvement and recorded a growth of 1.9% during the quarter, as against a contraction of 5.4 % in the second quarter of 2011-12.

The economic growth in the first six months of this fiscal (April-September) has been 5.4%, lower than 7.3% growth during the first half of last year.

In the July-September quarter, trade, hotels, transport and communications segments also witnessed lower pace of growth at 5.5% compared to 9.5% expansion in the same quarter a year ago.