India growth at 5.3 pct, stuck at 3-yr low

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Associated Press

Posted on November 30, 2012 at 1:03 AM

Updated Friday, Nov 30 at 1:03 AM

MUMBAI, India (AP) — India says its economy grew 5.3 percent in the September quarter, stuck at its lowest levels in three years as New Delhi struggles to enact reforms to kick-start investment and growth.

The number was in line with expectations.

Slowing growth complicates New Delhi's efforts to create jobs for its exploding youth population and balance the budget, while paying for costly social programs in advance of national elections in 2014.

India's economy grew 5.5 percent during the June quarter, after expanding by 5.3 percent in the March quarter. This is the slowest pace since the global recession, which dragged India's economic growth down to 3.5 percent for the January-March quarter of 2009.

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