India Growth Beats Estimates After Rate Cut to Aid Spending
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India’s economy grew more than estimated last quarter after the central bank cut interest rates to support spending at home as Europe’s debt crisis crimped export growth. Bonds fell and the rupee pared losses.
Gross domestic product rose 5.5 percent in the three months through June from a year earlier, faster than the three-year low of 5.3 percent in the previous quarter, data from the Central Statistical Office in New Delhi showed today. The median of 39 estimates in a Bloomberg News survey was for a 5.2 percent gain.