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![India’s growth has fallen to less than half the rate of its best years [Xinhua]](http://thebricspost.com/wp-content/uploads/2014/11/221097587_8.jpg)
India’s growth has fallen to less than half the rate of its best years [Xinhua]
India registered a GDP growth rate of 5.7 percent in the previous quarter.
The Reuters data published on Thursday is surprising as the slip comes despite the global oil slump this year that proved good news for Asian nations, including India, which are exposed to the risk of global price changes that affect their balance of trade. The $2 trillion Indian economy imports 80 per cent of its oil and its key stock index has risen the most among Asian indexes this year as crude slumped.
Asia’s third-largest economy needs to register growth around 8 per cent to create enough jobs for its growing workforce.
Indian Prime Minister Narendra Modi has vowed to revive an ailing economy by restarting India’s efforts at becoming an emerged marketplace. India’s growth has fallen to less than half the rate of its best years.
Modi will be holding bilateral talks with Russian President Vladimir Putin and US President Barack Obama in quick succession in the coming months.
India has sought greater market access in Russia and investment into Indian railways and defence sectors, said Indian Trade Minister Nirmala Sitharaman earlier this month.
“We would like to invite investments from Russia. Come and produce here those goods (for which) you have market available here. Come to India, make it here and sell it to us,” said the Indian Minister.
Modi will also discuss US-Indian trade, investment and bilateral cooperation with President Barack Obama who will be on a state visit to India in the last week of January next year.
TBP
