India Growth Slows in Q4 to 4.7 Percent

India’s growth decelerated to 4.7 percent in the October-December quarter last year, the government said Friday, showing that a return to the robust economic expansion of a few years ago remains far from reach.

It was the fifth quarter in a row that year-on-year GDP growth was below 5 percent in Asia’s third-largest economy. The growth rate was down from 4.8 percent for the previous quarter ending in September.

India’s government has struggled to bring back the 8 percent growth rate the country averaged for a decade. That level is what the government says is needed to provide jobs for the 13 million people entering the workforce each year out of a population of 1.2 billion.

Growth in the latest quarter was dragged down by a year-on-year contraction of 1.8 percent in manufacturing and a 1.6 percent drop in mining.

Anjalika Bardalai, an analyst for Eurasia Group, said the weakened numbers for the October-December third fiscal quarter make it all but sure India would have economic growth below 5 percent for a second fiscal year.

Just a few years ago, India was touted as a rising economic power that could even outdo China.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza