Pranab expects economy to grow 7.3 pct in 2011/12

NEW DELHI Wed Nov 30, 2011 1:58pm IST

Finance Minister Pranab Mukherjee attends the swearing-in ceremony of the cabinet reshuffle at the presidential palace in New Delhi January 19, 2011. REUTERS/B Mathur

Finance Minister Pranab Mukherjee attends the swearing-in ceremony of the cabinet reshuffle at the presidential palace in New Delhi January 19, 2011.

Credit: Reuters/B Mathur

NEW DELHI (Reuters) - India's economy is expected to grow 7.3 percent in the fiscal year ending March 2012, Finance Minister Pranab Mukherjee told reporters on Wednesday, adding, the reading for the September quarter fell below the government's expectations.

Pranab Mukherjee said global financial problems had adversely affected domestic growth.

"Taking into account the trend of the last two quarters, I expect the GDP growth to be 7.3 percent (in 2011/12)," he said.

The economy grew at its weakest pace in more than two years in the quarter that ended in September, revealing the heavy toll that high inflation, rising interest rates and crisis-hit global capital markets are having on Asia's third-biggest economy.

The GDP figure was in line with the median forecast in a Reuters poll for an annual rise of 6.9 percent.

(Reporting by Nigam Prusty; editing by Malini Menon)

FILED UNDER:

Reuters Showcase

GDP Growth

GDP Growth

India revises up 2013/14 GDP growth to 6.9 percent.  Full Article 

Pharma Deal

Pharma Deal

Sun Pharmaceutical wins U.S. approval to buy Ranbaxy  Full Article 

Adani Restructuring

Adani Restructuring

Adani hives off power, ports businesses to boost growth.  Full Article 

Bank of Baroda

Bank of Baroda

Q3 net profit down 69 pct on higher provisions  Full Article 

Trading Fees

Trading Fees

BSE slashes fees in FX derivatives battle with NSE  Full Article 

SpiceJet Turnaround

SpiceJet Turnaround

SpiceJet board approves up to $243 mln share sale plan  Full Article 

Currency Market

Currency Market

RBI urges companies to hedge FX exposure  Full Article 

Banking Sector

Banking Sector

Banks say no room to cut lending rates, thwarting RBI easing  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage