India Estimates 2016 Financial-Year Growth at 7.6%

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New Delhi: Growth ticked slightly lower in Q3FY16 by 7.3% as compared to 7.4% in Q2FY16. The previous quarter GDP has been revised to 7.7%.

The growth got support from a favourable base effect, as GDP in Q3FY15 grew by 6.6%. Domestic demand witnessed during the festival season supported growth during the quarter, even as global headwinds have had an adverse impact on manufacturing and exports.

This is faster than 6.8% growth posted by China in the same quarter.

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Investment activity has been muted due to low capacity utilisation in  several manufacturing sectors, highly leveraged balance sheets of infrastructure companies and stretched balance sheets of banks.