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.

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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
Friday, 30 May 2014 09:36 AM
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