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India's Growth Rate Slows Further In Q2 2008

Posted on August 31, 2008

In the second quarter of 2008 (the first quarter of the financial year) India s economy grew at it slowest rate in three years, as the Reserve Bank of India struggles to control record high inflation by applying tight credit conditions. Annual growth slowed to 7.9 per cent in the quarter of 2008 which ended on June 30, significantly lower than the 8.8 per cent rate reported for the January to March quarter. Click to enlarge:Growth momentum has obviously been slowing on tighter monetary policy and the adverse global environment. Higher interest rates, slower bank credit growth and higher oil ...

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