NEW DELHI - India's economy grew at its weakest pace in more than six years last quarter, a blow to Prime Minister Narendra Modi as he steps up action to stem the fallout.
"Today's weak print was well telegraphed, and while the Reserve Bank of India did not project this kind of weakness, we do not think their view on growth trajectory will change materially," said Mr Rahul Bajoria, senior economist with Barclays Bank Plc in Mumbai."We expect RBI to keep cutting rates."
"Production and sales are under pressure, and public spending is running out of room due to poor tax collection." Manufacturing, which is a focus area for Mr Modi's administration as India tries to woo investors, declined 1 per cent in July-September from a year ago, while farm output grew 2.1 per cent.
Source: Financial Digest (financialdigest.net)
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