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:

Economic Pulse

Reuters Showcase

Reaction to Budget

Reaction to Budget

India budget unlikely to impact credit rating - agencies  Full Article 

PMI Data

PMI Data

Factory activity growth slows to five-month low in Feb  Full Article 

Documents Leaked

Documents Leaked

Indian Oil suspends official for leaking information - sources  Full Article 

Coal Auction

Coal Auction

India examines coal mine bids amid reports of discrepancies  Full Article 

Ola Buys Rival

Ola Buys Rival

Ola buys rival TaxiForSure for $200 million  Full Article 

Priority Sector

Priority Sector

RBI revises priority sector lending norms  Full Article 

Global Economy

Global Economy

Global stimulus swells as China eases, ECB to start soon on QE  Full Article 

Steel Industry

Steel Industry

Steelmakers hit by uncertainty over import duty hike   Full Article 

HP Buys Aruba

HP Buys Aruba

HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion  Full Article 

Reuters India Mobile

Reuters India Mobile

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