Indian Economic Growth Lowest in 10 Years

ndia’s economy grew at its slowest pace in a decade during the 2012-13 financial year, figures show.

The economy grew by 5% over the year, after having grown at an annual pace of 4.8% in the January-to-March quarter.

India was recording annual growth of 9% until two years ago, but in recent months it has seen a sharp decline blamed on a slowdown in its manufacturing and services sectors.

Foreign investors have also kept away due to delays in key reforms.

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Fewer jobs in sluggish economy

Engineering graduate Viraj Modi finished university last year and is now set to leave the country.

One factor is India’s weakening job market.

“Companies now want a perfect candidate. Because of the global recession they are cutting down the job opportunities.”

Falling orders and fewer jobs
According to the latest figures released by the ministry of statistics, India’s manufacturing sector grew at an annual pace of 2.6% during the latest quarter while farm output rose by just 1.4%.

via BBC

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