India's GDP growth slowed to 5.3 percent in the first quarter from the prior year as manufacturing fell, the weakest result since 2003 for the world's 11th largest economy, officials said Thursday.

India's central bank will meet June 18 to decide whether to cut interest rates for the second time this year, after raising them 13 times in the last two years in response to inflation.

The result missed forecasts by Dow Jones, who had expected growth of 6.1 percent. Manufacturing declined by 0.3 percent, plunging from a 7.3 percent expansion in 2011. Agriculture was up 1.7 percent from the previous year's 7.3 percent increase.