Factors leading to India slowdown bottomed out: Mukherjee
NEW DELHI (Reuters) - Most of the factors that led to India's growth slowdown have bottomed out, Finance Minister Pranab Mukherjee said in a statement on Thursday, after the economy grew at its weakest pace in nine years in the March quarter.
"Among the factors that have contributed to the slowdown are the tight monetary policy that led to a significant rise in interest costs and the weak global sentiments that affected growth in domestic private investment ... have bottomed out," Mukherjee said.
Annual economic growth slumped to 5.3 percent in the March quarter as the manufacturing sector contracted and a fall in the rupee to a record low suggests the economy remains under pressure in the current quarter.
(Reporting by Arup Roychoudhury; Editing by Ranjit Gangadharan)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Indians keep faith with Modi, best hope for economy - poll
- Merkel says tightening Ukraine-Russian border is key to peace deal
- RBI says all companies must apply 2-step payments for credit cards
- NATO condemns Russia's action, sees build-up of forces near Ukraine
The Securities and Exchange Board of India (SEBI), India's capital markets regulator, has ordered property developer PACL Ltd to return at least $8.1 billion raised from retail investors after finding the company had failed to register its land investment scheme. Full Article
India to hike iron ore royalty, miners may struggle to pass on extra cost. Full Article