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India Posts Slowest Economic Growth in Nine Years
The gross domestic product of India expanded at a 5.3% pace in January-March 2012, the smallest increase since early 2003.
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The gross domestic product of India expanded at a 5.3% pace in January-March 2012, the smallest increase since early 2003.
For the fiscal year ended March 31, India's economy grew 6.5%, the slowest annual growth in nine years. GDP grew 8.4% in the previous fiscal year.
The rupee fell to an all-time low against the dollar at about 56.50 on Thursday. Carmakers have counted on India and other large emerging markets for growth in recent years. But rising interest rates and inflation have slowed expansion in auto sales to a crawl.
Banking giant HSBC called India a "gasping elephant" in a new report to investors. HSBC predicts the country's "policy paralysis" on economic and investment reforms will lead to several years of sub-par growth and high inflation. The Finance Ministry vows to take "all necessary steps" to shrink the country's ballooning budget.
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