Slow Q2 as economy reels under credit crunch, high borrowings – Economy and Politics – livemint.com
New Delhi: India’s economy expanded at the slowest pace in 15 quarters in the three months ended 30 September, reinforcing the case for the central bank to reduce borrowing costs to stoke growth and fend off collateral damage from the global financial crisis and the Mumbai terror attacks.
The economy grew 7.6% from a year earlier in the fiscal second quarter, compared with 9.3% a year ago and 7.9% in the preceding three months, official data released on Friday showed. The pace still exceeded economists’ expectations, reflected in a Reuters poll that had predicted the economy would expand 7.3% and a Bloomberg survey that pegged growth at 7.2%.
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