India's Economy to Expand 8.7%

Rate of manufacturinig growth has slowed from last year.

India's economy is forecast to expand by 8.7% in the current financial year ending March as farm and manufacturing output slow from last year's rapid pace, the government said Feb. 7.

The country's gross domestic product expanded by 9.6% in the year ended March 2007, the second fastest rate for a major Asian economy behind China.

Manufacturing growth is also expected to slow to 9.4%, compared to a 12% rise a year ago, the government's Central Statistical Organisztion said.

India's Finance Minister P. Chidambaram last week said he hoped the economy would again expand more than nine percent this year after official data showed growth of 9.1% in the first half ended September. India's economy has expanded at an annual average rate of 8.6% in the past four years.

Copyright Agence France-Presse, 2008

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