Indian Economic Growth Shows Significant Slowdown

19 July 2012 22:30 - Lucy Williams

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Indian Economic Growth Shows Significant Slowdown

It has been forecasted that India’s economy will grow at its slowest pace in ten years. This comes as a result of tight monetary policies and global economies show further weakening. Not only is India facing increasing economic issues but its currency the rupee has been reaching fresh all-time lows against the US dollar.

The Indian government continues to struggle as inflation remains high and analysts slash forecasts, for the sixth consecutive quarter. This week the International Monetary Fund (IMF) also slashed their growth estimates for the country to 6.1 percent and not gaining much for the following year. Economic growth in India has been slowing since January with final statistics for the fiscal year at 6.5 percent, the lowest in almost a decade. This figure shows the slackest pace of economic expansion, a worrying prospect for Asia’s third-largest economy.

The Reserve Bank of India raised interest rates over the past few years as it attempted to reduce racing inflation. However this had the undesired effect of slowing domestic demands. It came as a surprise to economists that the central bank did not automatically cut interest rates which would have potentially stimulated growth and prevented falling growth figures. Although it is forecast that the RBI will have no choice but to reduce interest rates in the near future. However the RBI has indicated that the responsibility of reviving economic growth is on the Indian government not themselves. 

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Related Links:
• World Economic Calender

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