India Lowers GDP Growth Goal as Singh Signals Higher Fuel Prices

India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit.

The nation will seek average annual growth of 8 percent in the period, Prime Minister Manmohan Singh said in a speech to federal and state officials in New Delhi today. That’s lower than an earlier objective of 8.2 percent for the five fiscal years from April 1, 2012.