India's economy grew at the slowest rate in almost six years, 5.3% in quarter ended dec. 31, signaling the global sownturn's impact even in a nation less dependent on exports than others in Asia.
The figures cast some doubt on predictions that India would escape relatively unscathed compared with market such as China and Singapore. Gross domestic product grew 8.9% in the same period the year before and 7.6% year-on-year in the previous quarter, the Central Statistical Organization said.
Recessions in key expot markets such as the US and Europe have prompted Indian exporters to cut production and lay off workers. Manufacturing output dropped 0.2% compared with rise of 8.6% in the year-earlier period. Capital in flows which played a big role in fueling local demand in recent years, have all but dried up as risk-averse investors shun emerging markets.
No comments:
Post a Comment