India's quarterly growth slumps to a near two-year low, well below expectations

India’s economy grew by 5.4% in the second fiscal quarter, falling below economist estimates and hitting a two-year low, following 6.7% growth in the previous quarter. The weak performance was attributed to sluggish growth in manufacturing and mining sectors, causing the country’s 10-year sovereign bond yield to drop. The disappointing GDP figures may impact the Reserve Bank of India’s upcoming Monetary Policy Committee meeting in December, with expectations of a possible policy loosening despite recent inflation concerns.

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