Das, however, said India's growth story was intact and that all the other major sectors had reported growth above 7 %.

The slowdown had been anticipated due to a high base effect, adverse weather conditions, and restrictions on government activities mandated by the election code of conduct during the quarter.

The NDA's previous two terms have seen the launch of several NRI-friendly financial services and schemes. The third term promises to bring in further enhancements in this area.