At nine-year low, economy is sinking

Shocked by the Union Government’s policy paralysis, critics have been warning that such large-scale mismanagement by the ruling UPA was sure to cut short the fabled Indian growth story. On Thursday, those fears were confirmed as true. The latest figures show that India’s growth rate during the 2011-2012 fiscal year crashed to a nine year low of 6.5 per cent. The situation has been particularly dire in the past quarter that ended in March and registered a measly 5.3 per cent growth rate — the worst in 36 quarters.

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