India's GDP Growth Slows to 5.4%

India's GDP growth has slowed to 5.4% in the July-September 2024 quarter, marking the lowest rate in seven quarters, down from 8.1% in the same period last year. The decline is largely attributed to a significant slowdown in the manufacturing sector, which grew by only 2.2%, compared to 14.3% a year prior. Agriculture, however, showed resilience with a 3.5% growth in Gross Value Added (GVA), up from 1.7% last year. This result fell short of economists' expectations, which had predicted a growth rate of around 6.5%. Overall, India's economic expansion stands at 6% for the first half of FY 2024-25, down from 8.2% in the previous year, as government spending struggles to offset weak corporate profits and adverse weather conditions. Despite the downturn, India continues to be the fastest-growing major economy, outpacing China's 4.6% growth.