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:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

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