India’s Economy Grows At Slowest Pace In 9 Years

31 May 2012 13:00 - Mark Maffia

Email Article Print Article
    


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."

news_09.jpg
 

Related Links:
• Latest News
Regular News Updates

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

INSURANCE PRODUCTS
Compare Insurance Products >>

When the planning starts for that special day in everyone's lives , There is always the worry and stress of how much strain it is going to put on your financial situation . Marriage loans are helping lots of people to ease this stress.
08 August 2015
Which Way To Pay
Marriage loans have been introduced to help prepare for the expense you will incur when celebration the most special day of everyone's life.
Read More >>
As everyone wants that big day to be perfect , there is also a hefty cost that comes with it .
14 May 2015
Which Way To Pay
Marriage isn't a cheap affair that's why Marriage loans have proven so popular across India.
Read More >>
Everyone want the best education , But financially this can be a worry
07 October 2014
Which Way To Pay
Getting the best education is the main priority in most people's lifetime.
Read More >>