India to grow slowest since 2003
India is bracing for its lowest economic growth rate since 2003, according to a report from the Reserve Bank of India released this week.
RBI is forecasting 6.8 percent growth for the fiscal year ending March 31, down from the 7.7 percent growth projected in September, when the global financial maelstrom was in full swing, Mint reported this week. Exports from India dropped 12.1 percent in October and 9.9 percent in November, while industrial production grew 3.9 percent in the eight months of the current fiscal year (April-November) compared with 9.2 percent in the same period in the last fiscal year.
The RBI is expected to lower interest rates to stoke consumer demand and to alleviate the pressure on beleaguered manufacturers and exporters. Falling commodity prices, especially steel, should also help.
India to grow slowest since 2003
