Indian economy has declined at 7.1% during the first quarter of fiscal 2016-17, betting consensus estimate of 7.9% growth. Gross domestic product (GDP) growth has declined in the first quarter from 7.5% growth as compared to the growth in first quarter of fiscal 2015-16.
The economic activities which registered growth of over 7 percent in Q1 of 2016-17 over Q1 of 2015-16 are ‘manufacturing’, 'electricity, gas, water supply & other utility services, ‘trade, hotels, transport & communication and services related to broadcasting’, 'financial, insurance, real estate and professional services' and ‘public administration, defence and other services.
The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, and ‘construction’ is estimated to be 1.8 per cent, (-) 0.4 percent, and 1.5 per cent respectively during this period.