Economic growth slows to 6.9 per cent

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The Independent Online

India's economy grew at just 6.9 per cent in its second quarter, the weakest pace in more than two years, as high inflation and interest rates hit Asia's third-biggest economy.

Growth in the manufacturing sector, which contributes nearly 16 per cent of India's GDP, slumped to 2.7 per cent in the three months to September, down from 7.2 per cent the previous quarter.

Thirteen interest rate increases have failed to arrest inflation, which is close to double digits, in the $1.6 trillion economy. The Indian economy grew at 8.5 per cent in 2010-11.

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