India's Economy Grows 5.8%

Pointer to Wall Street Journal
By JACKIE RANGE and NEELABH CHATURVEDI

NEW DELHI -- India's economic expansion slowed in the most recent quarter, but the new government and invigorated capital markets prompted some economists to suggest that the country has weathered the worst of the global downturn.

Reuters

A couple walk at the seafront in Mumbai May 11, 2009.

According to data out Friday, India's gross domestic product grew 5.8% on the year in the quarter ended March 31, down from 8.6% growth in the year-earlier period. The numbers come on the heels of increased government spending and a robust performance in several sectors, offsetting a manufacturing decline.

Friday's figures indicate that India has withstood the global downturn better than many nations with export-driven economies that are mired in recession or forecast to post scant growth for the year. Full Story.

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