India lowers growth rate by 1.5 percent

India’s Prime Minister, Manmohan Sing, on Sunday slashed a previously set forecast for the country’s economic growth rate to seven percent, down from 8.5 percent a year ago.
The country was initially estimated to grow around nine percent for the current fiscal year but was scaled down by both the Finance Ministry and the Reserve Bank at the weekend.

“India is going through difficult times. We are up to the task of meeting the challenges we face as a nation,” Singh said. The prime minister told a congregation that he was confident that the economy will return to a growth rate of between nine and 10 percent in the medium term.

Print Friendly, PDF & Email

Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

Share This Post On

Submit a Comment

Your email address will not be published. Required fields are marked *