India’s economy grew by seven-point-one percent in the financial year to March, slower than the eight percent recorded in the previous year.
In the first three months of 2017, the annualized rate was six-point-one percent, slowing from the previous quarter’s seven percent rate and lower than analysts had expected.
The weak GDP data will be a setback for Prime Minister Narendra Modi, who completed three years in office last week. The figures, released today, however, have not changed expectations for monetary policy. Analysts still expect the Reserve Bank of India to keep interest rates on hold.