Summary:
New Delhi, Feb 28 (PTI) India"s GDP growth slowed to 5.4 per cent in October-December 2021 before the full fury of the third wave of coronavirus infections struck the country and the economy faced fresh geopolitical risks, but it still remains the fastest growing in the world.
Asia"s third-largest economy is projected to grow 8.9 per cent in the fiscal year ending March 31, slower than previously anticipated 9.2 per cent, according to the data released by the Statistics Ministry on Monday.
Gross Domestic Product (GDP) grew 5.4 per cent in October-December as compared to 0.7 per cent in the year-ago period and 8.5 per cent in the preceding quarter.
The slowing momentum follows curbs on economic activity that came in towards the end of the quarter to check the spread of the Omicron variant of the virus.
The weaker pace of growth came in ahead of the heightened geopolitical risks to the economy from higher prices of commodities and energy after Russia invaded Ukraine.
GDP is projected to grow 8.9 per cent for 2021-22 compared with 6.6 per cent contraction last fiscal.