India's anemic growth slows to 4.7 percent

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Associated Press

Posted on February 28, 2014 at 7:32 AM

Updated Friday, Feb 28 at 8:04 AM

MUMBAI, India (AP) — India's growth decelerated slightly to 4.7 percent in the December quarter last year, showing a return to robust economy of a few years ago remains far from reach.

It was the fifth quarter in a row that year-on-year GDP growth was below 5 percent. It was down from 4.8 percent for the previous quarter ending in September 2013.

India's government has struggled to bring back the 8 percent growth rate the country averaged for a decade. That level is needed to provide jobs for the 13 million people entering the workforce each year.

Poor infrastructure, tangled bureaucracy and delays in economic reforms have slowed investment, while high inflation and weak consumer spending have also hurt the economy.

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