The Indian economy grew by 5.3 per cent in the third quarter, the slowest quarterly growth this fiscal, pulled down by contraction in manufacturing and farm production even as some services showed robust expansion.

The farm sector, believed to be de-coupled from the global financial meltdown, also succumbed to the pressure of the slowing economy and fell by 2.2 per cent in October-December, 2008-09 against the growth of 6.9 per cent a year ago.

In the third quarter, industrial production, led by manufacturing, contracted in the two months of October and December.

For the whole quarter, manufacturing declined by 0.2 per cent against a substantial expansion of 8.6 per cent a year back.

Bucking the trend, community, social and personal services grew by a strong 17.3 per cent against 5.5 per cent in the year-ago period, part of which may be contributed by revised the salary structure of government employees.

For the first nine months of this fiscal, the economy grew by 6.9 per cent against nine per cent in the same period of 2007-08.

For the whole of 2008-09, the Indian economy is projected to grow by 7.1 per cent. To achieve that, the economy must grow quite substantially by over seven per cent next quarter.

The funny things are: Indians have been boasting that India depends less on international market and should be safer than other countries. Indian leaders also boasted not long time ago that India's economical growth passed China.


HAHA,

Dude Oneman, after you finished laughing and come back to your senses, realise that 5.3% growth rate is only for third quarter which is already expected before to give slow growth because of the recession.



http://www.moneycontrol.com/india/news/economy/experts-see-decent-fy09-gdp-despite-dismal-q3-nos/387192

Experts see decent FY09 GDP despite dismal Q3 nos




And YES, India will still be the second fastest growing economy in FY10 !


http://www.rttnews.com/Content/AllEconomicNews.aspx?Node=B2&Id=867489

India's Economy To Be Second Fastest Growing Economy In FY10- Credit Suisse




BTW, Shouldnt the chinese be worried about their own economy instead of pandering to their inferiority complex and worrying about Indian economy ?

http://www.forbes.com/feeds/afx/2009/02/26/afx6103952.html

China econ won't hit bottom until after Q1 -official

China's economy will continue to be hurt by a decline in confidence and the threat of protectionism, and the slowdown in growth won't hit bottom until after the first quarter, the vice commerce minister said on Friday.

'The comments by Vice Minister Fu Ziying went against the grain of growing optimism among analysts and officials that a surge in bank lending and better readings on manufacturing surveys might mean the worst is already past.





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Let Noble Thoughts Come to Us from All Sides- RigVeda

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You can see that even China is still growing fast (>7%), but China frankly admits the problems. All of our Chinese said here, we can feel the pain caused by America crisis.

On the contrary, India and its propagandas have been boasting India's decoupling with US economy and it boasted that its economy would grow faster than China in Q4 of 2008.