Market Updates
India Estimates Slowest GDP Growth in a Decade
Arjun Dave
07 Feb, 2013
New York City
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Gross Domestic Product is expected to slow down to 5% in the year ending in March as food prices drive inflation to a record high among emerging nations. The government is facing election in next 14 months and is expected to face an uphill battle to lower spending and fiscal deficit.
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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