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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India's economic growth slows to 7.6 percent AP - Saturday, November 29 NEW DELHI - India's economy grew at its slowest pace in four years in the third quarter as the global slump took a toll on exports and foreign investment. Gross domestic product for the July-September period expanded 7.6 percent from a year earlier, down from 7.9 percent in the previous quarter and 9.3 percent in the third quarter of 2007, the government said Friday. That was the slowest rate since 2004, but slightly above expectations, said Saumitra Chaudhuri, a member of the Prime Minister's Economic Advisory Council and chief economist at the credit rating agency ICRA Ltd., a Moody's affiliate. "It is slowing, there's little doubt about it," Chaudhuri said. The decline could ratchet up pressure on India to further cut interest rates in hopes of keeping growth from slipping too fast. Deadly attacks carried out this week by suspected Muslim militants in Mumbai, the country's financial capital, will likely add to the pressure. The decline comes amid a softening of demand for Indian exports as economies around the world start to wither. Foreign investment, a key driver behind India's economic rise in recent years, has become more scarce, Chaudhuri said. "If that slows down, the economy will slow down and that's exactly what's happening," Chaudhuri said. Manufacturing growth continued to decline, falling to 5 percent in the most recent quarter from 9.2 percent a year earlier. In trade, hotels, transport and communication industries, growth was stable at 10.8 percent . Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Report: China tycoon allegedly manipulated sharesAP - 32 minutes ago Japan's recession woes deepen as output tumblesAFP - 1 hour 59 minutes ago Bank of China expands into SwitzerlandAP - 2 hours 16 minutes ago Asian markets rise; India stocks gain after attackAP - 2 hours 17 minutes ago Related Articles: Business Iceland changes foreign exchange rulesAP - 22 minutes ago US STOCKS-Futures slip on worry about consumer, energyReuters - 29 minutes ago European markets lower ahead of Wall Street returnAP - 29 minutes ago Emerging Markets-Stocks eye 2nd largest weekly gain, rupee downReuters - 30 minutes ago Report: China tycoon allegedly manipulated sharesAP - 32 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush Love handles increase death risk: study Obama vows 'help is on the way' for the economy Michael Jackson strikes 'amicable' deal with Arab sheikh View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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