He also said that the 5.4 per cent second quarter GDP growth estimate could be revised upwards going forward, as the current estimates are not seasonally adjusted. "I think in reacting to these numbers, I don't think we should throw the baby out with the bathwater. Because the underlying growth story still remains very much intact," Nageswaran said.
India's economic growth slowed to a seven-quarter low of 5.4 per cent in the July-September quarter, from 6.7 per cent in the April-June quarter.
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