India's GDP or gross domestic product grew 6.1 per cent year-on-year during the January-March period, government data showed on Wednesday. With this, India loses its status of the world's fastest growing economy. During the previous quarter (October-December) India's GDP grew at 7 per cent.Wednesday's GDP data, that missed Street expectations will be a disappointment for the Narendra Modi government that completed three years at the Centre last week. "Q4 data is definitely disappointing and clearly reflects some amount of extreme impact from demonetisation. However, the construction sector shrank 3.7 per cent.The fourth quarter GDP data was expected to get a boost from the revision in the IIP or Index of Industrial Production and WPI or Wholesale Price Index series to the 2011-12 base.

Source: Times of India May 31, 2017 12:03 UTC