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Market Update

India Estimates Slowest GDP Growth in a Decade


Author: Arjun Dave
ticker.com
Last Update: 11:29 AM ET February 07 2013

India is facing a decade-low growth rate according to the latest data released by the Central Statistics Office in New Delhi.

The gross domestic product is expected to dip to 5% in the year ending in March from 6.2% in the previous year and lowest since 4% rise in the year ending in March 2003.

The country is also facing 7% inflation largely driven by a surge in food prices because of the mismanagement in distribution and storage handled by the government for a decade.

Current account deficit is also expected to jump above $22.31 billion in the quarter ending in September.

Finance Minister Chidambaram is expected to present a budget to parliament at the end of the month that will target fiscal deficit to fall to 5.3% in the next fiscal year.

Wholesale price index increased above 7% for the most of 2012 and consumer prices surged 10.5% in the year, the fast rate of inflation among emerging countries including China, Brazil, Russia and Indonesia.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc