India expects growth to fall to 5%, lowest in a decade

Feb 07, 2013, 1:17 PM EST
Pedestrians walk past a billboard advertising gold jewellery in Mumbai on February 6, 2013.
AFP/Getty Images

India's growth domestic product is expected to drop to 5% for the fiscal year ending in March, a fall from the 6.2% rate in 2012 fiscal year, according to advanced estimates from India’s Central Statistics Office. Last week, India's central bank had cut its forecast to 5.5% from 5.8%. India's growth has slowed in recent months because of several factors, not least the sharp slowdown in its manufacturing and services sectors.