INDIA has revised its economic growth figures for the previous two years, issuing new data that show a recent slowdown has been even more abrupt than previously thought.
The new figures show growth in the financial year to March 2011 was 9.3 per cent, instead of the previously issued 8.4 per cent, underlining how the economy had resisted the effects of the global financial crisis from 2008.
But since then, over a period of high inflation, rising interest rates and declining business confidence often blamed on the government's weak policy-making, growth has fallen dramatically.
In the financial year to March 2012, growth in gross domestic product fell to 6.2 per cent, the new figures from the Central Statistics Office showed on Thursday, less than the previously issued 6.5 per cent.
In the current financial year, the finance ministry forecasts expansion of 5.7 to 5.9 per cent, but the central bank sees it as 5.5 per cent and many private economists expect even less.
The weak figures come before national elections early next year, when the corruption-plagued government led by the centre-left Congress Party is expected to face a tough fight to stay in power.
A string of pro-market reforms starting at the end of last year and the first interest rate cut in nine months this week are expected to help boost the economy.
Finance Minister P. Chidambaram recently said the economy could expand 7.0 per cent in fiscal 2014.
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