India's economic growth weakest in almost three years
India's economic growth slowed to its weakest annual pace in almost three years in the three months to December, as high interest rates and rising input costs constrained investment and manufacturing.
GDP rose 6.1 per cent in October to December compared with a year earlier, a lower-than-expected increase, figures from the statistics office showed.
That marked a sharp pullback from 6.9 per cent growth in July to September and was the seventh successive quarterly slowdown, providing a gloomy backdrop for a Reserve Bank policy meeting and federal budget, both due in just over two weeks.
The median forecast of economists in a Reuters poll was for GDP to rise 6.4 per cent. The outcome of 6.1 per cent was the weakest in 11 quarters.
"Moderation in the manufacturing sector was likely the starkest as higher input prices and a sharp jump in borrowing costs depressed output," said Radhika Rao, an economist at Forecast in Singapore.
"The ball is in the government's court now to kick start policy reforms."
read more at http://www.ndtv.com/article/profit/india-s-economic-growth-weakest-in-almost-three-years-298757
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