NEW DELHI: India's growth slumped to a two-year low and the country ceded its top ranking as the world's fastest-growing economy back to China in the March quarter, suggesting that the effects of November's note swap were rippling through the economy. That was however in line with the official estimate but down from the revised growth of 8% in FY16.As per provisional estimates, first quarter GDP growth was revised upward sharply to 7.9% from 7.2% and that for the second to 7.5% from 7.4%. "GDP growth of 7.1% is a healthy economic growth number... With better monsoon projection this year, the numbers are expected to be better. GVA growth in the fourth quarter was the slowest in eight quarters at 5.6%. "Excluding public administration, the GVA growth dropped to 4.1% in Q4 (from 5.6%) and 6% in FY17 (from 6.6%).

Source: Economic Times May 31, 2017 12:23 UTC