Moody's blues for India: GDP growth to slip below 7 pc

December 21, 2011 16:28

Global credit ratings agency Moody's today said policy paralysis coupled with global uncertainty is expected to pull down India's GDP growth rate below 7 per cent in the current fiscal from 8.5 per cent a year ago.

"In the last few months, tight monetary conditions and a cloudy global outlook have combined to reduce manufacturing output and investment initiatives.

"We expect growth to fall below 7 per cent in 2011-12 from 8.5 per cent in 2010-11 due to the impact of an uncertain global funding environment, high domestic interest rates and the apparent lack of policy initiatives that can revive
business confidence," Moody's said.

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