India’s Economy Grows At Slowest Pace In 9 Years

31 May 2012 13:00 - Mark Maffia

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India’s Economy Grows At Slowest Pace In 9 Years

India’s gross domestic product grew at its slowest pace in almost a decade in the first quarter of this year, adding to concerns that the nation’s economy is heading for trouble. GDP in the first three months of this year grew 5.3% from a year earlier which is its slowest pace since early 2003. The growth was well below economists’ forecasts of 6.1% and much lower than levels of over 8% that India has seen in recent years. For the fiscal year ending on March 31, the economy grew 6.5%, well below the government’s target of 6.9%.

Manufacturing output saw the biggest decline, contracting 0.3% compared with a 7.3% increase in the year-ago period. The agriculture sector, which employees two-thirds of India's workforce, grew 1.7% compared with 7.5% a year ago. Due to global economic uncertainties and the government's failure to push through economic reforms to attract foreign investment, India’s growth has been faltering recently. Rajiv Kumar, secretary general of the Federation of Indian Chambers of Commerce and Industry said of the results, “This shows a grave crisis of investors' confidence," adding, "We may be in the danger of slipping into a 1991-like crisis."


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