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India growth slows to 7.3% in the October to December quarter India outpaces China in 2015 economic growth
(about 1 hour later)
India's economy grew at an annual rate of 7.3% in the October to December quarter, official figures show compared with a revised 7.7% in the previous quarter. India's economy grew at an average rate of 7.5% in 2015, faster than the 6.9% growth in China, official figures show.
The GDP growth in the quarter was in line with economists' forecasts. India's government said GDP growth in October to December was 7.3%, a slight drop on previous quarters which were revised sharply higher.
Even though the economy lost steam in the last quarter, its pace of expansion was faster than 6.8% growth posted by China in the same quarter. Even though the economy lost steam in the last quarter, its pace of expansion was faster than the growth posted by China in the same quarter.
Official growth figures for previous quarters were sharply revised higher. India measures the economy over a fiscal rather than a calendar year.
The Indian government said it expected annual growth to accelerate to 7.6% in the fiscal year ending in March 2016. Prime Minister Narendra Modi's government said growth for the fiscal year ending March 2016 is forecast to accelerate to 7.6%.
However, some economists say the latest growth figures are at odds with other data, including weak exports, railway freight, cement production, investment and flat order books. 'Counterintuitive'
Ritika Mankar, an economist at Ambit Capital, said: "The new GDP series and the information it is conveying, not just in terms of level but also in terms of the direction, seems counterintuitive... Our own proprietary tool based on real economy indicators suggests that economic momentum has been decelerating." However, some economists say the latest growth figures are at odds with other data for Asia's third largest economy, including weak exports, railway freight, cement production and investment and flat order books.
Ritika Mankar, an economist at Ambit Capital, said: "The new GDP series and the information it is conveying, not just in terms of level but also in terms of the direction, seems counterintuitive."
Shubhada Rao, chief economist at Yes Bank in Mumbai, said the figures were "difficult to correlate" with other data, including a contraction in agriculture.
A year ago India's statistics ministry revised GDP growth rates higher - closer to that of China - by updating the base year used for price comparisons.
Analysis: Yogita Limaye, BBC Mumbai Correspondent
It's fair to say there's been a lot of scepticism about India's GDP data since the government revised the way it calculates those numbers in January last year.
All of the economists I've spoken to recently have said that they don't see this rapid pace of growth reflected on the ground.
But all of them also say that there's no dispute India's economy is expanding, making it a rare bright spot among emerging nations.
Prime Minister Narendra Modi has been travelling the globe and telling companies to come make in India.
But the country is still a difficult place to do business in, and while the government has been working to try to reduce bureaucracy - some laws that could help ease problems are still stuck in parliament.
Perhaps when that changes we'll really begin to see the impact of faster growth.