NEW DELHI : India's economic growth slowed to the lowest in a year in the first three months of 2022, hit by weakening consumer demand amid soaring prices that could make the central bank's task of taming inflation without harming growth more difficult.Gross domestic product grew 4.1 per cent year-on-yea
NEW DELHI : India's economic growth slowed to the lowest in a year in the first three months of 2022, hit by weakening consumer demand amid soaring prices that could make the central bank's task of taming inflation without harming growth more difficult.
"Inflation pressures will remain elevated," V. Anantha Nageswaran, chief economic adviser at the finance ministry, said after the data release, adding that the risk of stagflation - combining slow growth and high inflation - was low in India.Rising energy and food prices have hammered consumer spending, the economy's main driver, which slowed to 1.8 per cent in the Jan-March period from a year earlier, against an upwardly revised growth figure of 7.
India's government revised its annual GDP estimates for the fiscal year that ended on March 31, predicting 8.7 per cent growth, lower than its earlier estimate of 8.9 per cent. High-frequency indicators showed supply shortages and higher input prices were weighing on output in the mining, construction and manufacturing sectors, even as credit growth picks up and states spend more.
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