India's economy grows 7.3pc in Q2

India's economy grew by 7.3 percent in the second quarter of the financial year, according to official figures published Wednesday that fell slightly short of analysts' expectations. Gross domestic product expanded 7.3 percent year-on-year in the three months to the end of September, up slightly from the previous quarter, according to the statistics ministry.

Analysts said the figures, which were buoyed by good monsoon rains, fell slightly short of expectations of around 8 percent for the quarter.

India remains the world's fastest-growing major economy, with growth outpacing Asian rival China for more than a year.

But economists have warned growth will be hit by the government's shock move to pull 86 percent of the country's currency from circulation to tackle tax evasion.

"The numbers for Q2 at 7.3 percent are marginally better than the previous quarter," said Subramaniam Sharma, analyst with the Greenback forex advisory service in Mumbai.