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India's growth falls short at 4.7 percent

Friday - 5/30/2014, 9:40am  ET

MUMBAI, India (AP) -- India has reported economic growth of 4.7 percent for the last fiscal year, falling short of the government's forecast and continuing a trend of sluggish expansion that helped sweep a new government to power this month.

The numbers released Friday also showed growth of 4.6 percent for the January-March quarter. The growth rate for the year that ended March 31 was the second year of sub-5 percent expansion for Asia's third-largest economy.

India's government had projected 2013-14 growth of 4.9 percent. The government estimates the economy needs to expand at least 8 percent annually to provide jobs for the millions of young people entering the workforce.

The pro-business Bharatiya Janata Party won elections this month, installing Narendra Modi as prime minister.


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