India with a GDP of $1.17 trillion is the world's 12th largest economy.
The Indian economy grew at 7.9 per cent in the first quarter ended June 2008, the slowest growth rate in three years.
The growth rate of 7.9 per cent in the first quarter ended June 2008 is much lower than 9.2 per cent recorded in corresponding quarter last year.
The economic growth further fell to 7.6 percent for the second quarter of this fiscal. The manufacturing sector has been badly hit by the slowdown.
The growth rate in the manufacturing sector was recorded only 5 percent during July-September, 2008. The manufacturing sector had registered a growth rate of 9.2 percent during the same period last year.
According to the National Council for Applied Economics Research (NCAER), India's industrial growth will deteriorate further by next year.
Image: Bombay Stock Exchange. | Photograph: Sanjay Sawant
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