India's economy is projected to grow at a slower-than-expected rate of 5.3 per cent this year, according to a United Nations report which said the country's slowdown may have bottomed out.
The UN World Economic Situation and Prospects 2014 (WESP) report said a mild recovery in investment as well as stronger export growth will help in the gradual GDP pick-up.
It said the Indian economy, which accounts for over 70 per cent of total output in South Asia, slowed further in 2013.
The growth was held back by weak household consumption and sluggish investment, the report added.
Full-year growth decelerated to 4.8 per cent in 2013 from 5.1 per cent in the calendar year 2012.
It said external conditions continued to be challenging as the Indian economy experienced significant capital outflows, which led to a sharp depreciation of the rupee. Read more..
The UN World Economic Situation and Prospects 2014 (WESP) report said a mild recovery in investment as well as stronger export growth will help in the gradual GDP pick-up.
It said the Indian economy, which accounts for over 70 per cent of total output in South Asia, slowed further in 2013.
The growth was held back by weak household consumption and sluggish investment, the report added.
Full-year growth decelerated to 4.8 per cent in 2013 from 5.1 per cent in the calendar year 2012.
It said external conditions continued to be challenging as the Indian economy experienced significant capital outflows, which led to a sharp depreciation of the rupee. Read more..
Source: Business News India
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