Fiji Time: 2:35 AM on Sunday 26 October

Fiji Times Logo

/ Front page / Business

Minister forecasts 5.5pc growth in last financial quarter

Aap
Monday, November 26, 2012

INDIA'S economy logged around 5.5 per cent growth in the last financial quarter, a rate that could boost calls for lower interest rates to spur activity.

India's once-booming economy has been hit by high interest rates, Europe's debt crisis that has slowed exports, and sluggish investment caused by domestic and overseas concerns about policy and corruption.

Finance Minister P Chidambaram on Saturday said he expected official data to be released next Friday to show that the economy grew by "around 5.5 per cent" in the three months to September 30.

That would be down from 6.9 per cent in the same second-quarter period a year earlier.

"It goes without saying that we face a difficult situation," Chidambaram said at a bankers' conference, adding the "global economy is still in crisis".

India's economy was growing by more than eight per cent before 2011/12.

But it has been performing increasingly worse with the Congress-led government of Prime Minister Manmohan widely criticised for its handling of the situation.

Even though 5.5 per cent growth would be the envy of much of the world, it is not enough for India, which has been aiming for close to double-digit expansion to substantially reduce crushing poverty.





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. Siblings in shock
  2. Koroi ready to help Fijian scrum during Europe tour
  3. Farewell Duke
  4. In the dark
  5. Forum lifts Fiji ban
  6. Taskforce rakes in $500k in rent arrears
  7. Group of companies hold inaugural Pinktober celebrations
  8. Inglis salutes new Kangaroos X-factor
  9. Separating fact from myth
  10. Relief for farmers

Top Stories this Week

  1. Death shocks family Monday (20 Oct)
  2. Inside Fiji sevens Tuesday (21 Oct)
  3. Budget overspent Wednesday (22 Oct)
  4. Public access Tuesday (21 Oct)
  5. Kepa's not weak Friday (24 Oct)
  6. Full pay while on leave Friday (24 Oct)
  7. Forgery suspect still in remand Tuesday (21 Oct)
  8. $20m in excess Wednesday (22 Oct)
  9. Ryan's fight to help 7s Friday (24 Oct)
  10. $11.9m in arrears Wednesday (22 Oct)