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May 29, 2009, 9:06 GMT

Indian economic growth slows to 6.7 per cent in 2008-09

New Delhi - India's economy grew by 6.7 per cent in the financial year that ended March 31, down from 9 per cent a year earlier, owing to the global economic crisis, government data released Friday showed. Annual growth was buoyed by better-than-expected growth of 5.8 per cent in the fourth quarter, according to data from the Central Statistical Organization. The figures beat pessimistic expectations from analysts who had predicted 5-per-cent growth in the fourth quarter and 6 to 6.5 per cent for the entire year. During the fourth quarter, output by the manufacturing sector of Asia's third-largest economy declined by 1.4 per cent because of the global downturn, which dragged down the overall growth rate, economists said. According to the NDTV network, the key boosts to the economy in the quarter included a financial stimulus package and the cutting of interest rates by the central Reserve Bank of India. The latest figures should help steady the resolve of the newly elected government of Manmohan Singh, which has said its focus would be on the economy. Soon after he began his second term in office last week, Singh drew up a 100-day action plan for his government and emphasized its top priority would be economic revival and inclusive growth.

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