India's GDP Growth Slows To 5% In June Quarter, Lowest In 6 Years

India's GDP or gross domestic product grew 5 per cent in the quarter ended June 30, government data showed on Friday. The country's GDP growth was sharply lower than economists' expectations. Economists in a poll by news agency Reuters had expected the GDP growth at 5.7 per cent in the first quarter of the current financial year.

Earlier on Friday, the government announced four mega merger plans of state-run banks. The government "wants a strong financial system" and the banking reforms will clear the path to make India a $5-trillion economy, Finance Minister Nirmala Sitharaman said in a press conference.

(Inputs from NDTV.com)