Alexa
  • Directory of Taiwan

India's economic growth slows after rate hikes

India's economic growth slows after rate hikes

India's economy slowed in the April-June quarter after a series of interest rate hikes to cool stubbornly high inflation.
The statistics agency said Tuesday that Asia's third-biggest economy expanded 7.7 percent from a year earlier. It grew 8.8 percent in the April-June quarter of 2010.
Manufacturing grew 7.2 percent, down from 10.6 percent in the same quarter last year. Growth in construction dived to 1.2 percent from 7.7 percent. Agriculture picked up pace.
India's central bank has repeatedly raised interest rates to bring down inflation, particularly for food, that is adding to poverty. Officials say slower growth will be the cost of controlling inflation.
The economy grew 8.5 percent in the last fiscal year that ended March 31.


Updated : 2021-10-22 13:45 GMT+08:00