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Tags: india | growth | Narendra Modi | government

India's Growth Holds Below 5 Percent, Adding Policy Overhaul Pressure

Friday, 30 May 2014 09:36 AM EDT


India has reported economic growth of 4.7 percent for the last fiscal year, falling short of the government's forecast and continuing a trend of sluggish expansion that helped sweep a new government to power this month.

The numbers released Friday also showed growth of 4.6 percent for the January-March quarter. The growth rate for the year that ended March 31 was the second year of sub-5 percent expansion for Asia's third-largest economy.

India's government had projected 2013-14 growth of 4.9 percent. The government estimates the economy needs to expand at least 8 percent annually to provide jobs for the millions of young people entering the workforce.

The pro-business Bharatiya Janata Party won elections this month, installing Narendra Modi as prime minister.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Markets
India's economy grew less than 5 percent for the eighth straight quarter, adding pressure on Prime Minister Narendra Modi to spur investment after winning the strongest electoral mandate in 30 years.
india, growth, Narendra Modi, government
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2014-36-30
Friday, 30 May 2014 09:36 AM
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