The data published by Central Statistics Office states that the Indian GDP has grown at a rate of 6.3% in the third quarter of the financial year 2017-18. Following which, it has slowed down to a three year low of 5.7% in the June quarter.
The manufacturing sector has grown by 7% along with mining output and electricity growing at the rate of 5.5% and 7.6% respectively. However, the agricultural sector witnessed a sharp decline from 2.3% to 1.7% in the growth rate.
The eight core sectors (coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity) constitute 40.27% of the weight of items in the index of industrial production. These sectors have decelerated to 3.5%.
Private consumption declined to a lowly 6.5% whereas the investment demand growth increased up to 4.6%.
The economy reeling from the effects of demonetisation, wherein Rs 500 and Rs 1000 notes were withdrawn as official mode of payment, has not been able to show major signs of improvement.