Pacific Money

India’s Economic Woes Continue

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Pacific Money

India’s Economic Woes Continue

Even as markets rise, weak growth numbers and a steadily accumulating debt are a drag on India’s economy.

The latest Indian economic data continues to paint a subdued picture.  Third quarter GDP growth fell back to 5.3% year-on-year (YoY), the same level as in the first three months of the year, and lower than the 5.5% recorded in the second quarter.  Despite this and the challenges of carrying out the necessary reforms, Indian markets ended November on a high.

Underlying this low (for India) figure, weak manufacturing expansion – at 0.8% YoY, and weak agricultural numbers – 1.2% YoY growth, were only partially offset by the main financial/business services sectors (Finance, Insurance, Real Estate and Business Services), which account for 55% of India’s total output, and grew by 9.4% on the previous year. 

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