Indian economy will grow at its slowest pace in a decade this fiscal year, with tight monetary policy, political gridlock and a weakening global economy prompting analysts to slash their forecasts, a Reuters poll showed on Thursday.
Even as growth falters, the rupee has been hitting all-time lows against the dollar, the government is struggling with bloated fiscal and current account deficits and inflation has remained stubbornly high, giving policymakers less room to manoeuvre.
Gross domestic product in India is now expected to grow 6.3 per cent during the fiscal year 2012/2013 and by 7.0 per cent next fiscal, down from 7.1 per cent and 8.0 per cent, respectively, expected in the last survey in April.
Growth of 6.3 per cent would be slackest pace of expansion for Asia's third-largest economy since 2002-2003, when it grew 4.0 percent.
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