It’s official: India’s economic growth sliding to six-year lowFebruary 9th, 2009 - 1:14 pm ICT by IANS
New Delhi, Feb 9 (IANS) The Indian economy is expected to log its lowest growth in six years and fall to 7.1 percent for the current fiscal, against 9 percent in the previous year, as per official projections on national income released here Monday.
The estimates, compiled by the Central Statistical Organisation, said growth figures for all the three main components of the national income, namely agriculture, manufacturing and services, were expected to fall during the current fiscal.
Manufacturing growth has been pegged at 4.1 percent, against 8.2 percent, farm output is expected to expand 2.6 percent, as opposed to 4.9 percent, while services growth is estimated at 9.6 percent, against 10.9 percent.
The Reserve Bank of India (RBI) had also recently lowered its growth forecast for India’s gross domestic product (GDP) to 7 percent from 7.5-8 percent because of demand slowdown and the impact of the global meltdown on the country’s economy.