India’s Economic Growth Declines To 6.1 %

02 March 2012 - Which Way to Pay

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India’s Economic Growth Declines To 6.1 %

India’s economy grew at its slowest pace in nearly 3 years in the last quarter of 2011 to 6.1%. This has increased pressure on the central bank to lower interest rates regardless of continuing inflation. The 6.1% figure is a significant drop from a 6.9% expansion seen in the previous quarter.

A slowdown in manufacturing and mining has caused this drop and a collapse in investment. The poor figures show the weakness in the economy was spreading to beyond industry, to the services sectors. Unfortunately rising oil prices may also push up inflation, making it harder for the central bank to cut rates quickly.

Rajiv Kumar, secretary general of the Federation of Indian Chambers of Commerce and Industry, said, “Our worst fears are coming true.” He added, “The negative growth in capital formation over the past two years is the most disconcerting features, because that shows that investment has just stopped. Without investment, which was our main economic driver from 2003 to 2008, you can’t expect anything.”

High interest rates, rising production costs, stalled investment, policy paralysis and corruption scandals have all seemingly taken a toll on India.

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