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India growth rate slows to 5.3% in first quarter of 2012 | India growth rate slows to 5.3% in first quarter of 2012 |
(40 minutes later) | |
The Indian economy grew at the slowest rate since 2003 in the first three months of 2012, due to a widening trade gap and poor investment. | The Indian economy grew at the slowest rate since 2003 in the first three months of 2012, due to a widening trade gap and poor investment. |
India's gross domestic product (GDP) rose 5.3% in the first three months of 2012, down from 7.8% in the same period last year, official figures show. | India's gross domestic product (GDP) rose 5.3% in the first three months of 2012, down from 7.8% in the same period last year, official figures show. |
The growth figure was well below market expectations of 6.1% | The growth figure was well below market expectations of 6.1% |
India is the third-largest economy in Asia but has been struggling with inflation and currency weakness. | India is the third-largest economy in Asia but has been struggling with inflation and currency weakness. |
Since July last year, the Indian rupee has seen one of the biggest declines among Asian currencies, dropping more than 27% against the US dollar. | Since July last year, the Indian rupee has seen one of the biggest declines among Asian currencies, dropping more than 27% against the US dollar. |
"Shocking numbers as growth was even lower than lows witnessed during the financial crisis," said Anubhuti Sahay from Standard Chartered Bank in Mumbai. | |
The BBC's Yogita Limaye in Mumbai said that just a year ago India was aspiring for double digit growth. | |
But a global slowdown has reduced external demand, and high inflation coupled with a weak rupee has made things more expensive within the country. |