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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 .
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