'High subsidy expenditure led to Q1 GDP slowdown'
The Finance Ministry on Wednesday attributed the slowdown in the June quarter's GDP to 'higher subsidy expenditure'. However, Economic Affairs Secretary Shaktikanta Das said good monsoon, the 7th Pay Commission award's impact, and structural reforms undertaken by the Centre will push the growth to nearly 8% this fiscal. Earlier, data revealed that India's growth in June quarter slowed to 7.1%.