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India's GDP growth dips to 3-year low in April-June quarter

Note ban, tax overhaul blamed for weakest expansion of Modi's tenure

Retailers rushed to cut inventories ahead of the July introduction of the goods and services tax.

NEW DELHI -- India's gross domestic product growth slumped to 5.7% in the April-June period, the lowest in 13 quarters mainly due to the lingering impact of last November's shock demonetization and as manufacturers trimmed back inventories ahead of the July 1 rollout of the country's new goods and services tax.

In the year-earlier quarter, the growth rate was 7.9%, while it was 6.1% in January-March. A Reuters poll of economists had predicted April-June GDP would grow 6.6%, as had Japanese brokerage Nomura.

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