India GDP slows down
The Indian government announced the much awaited 2008 first quarter GDP data today. The number was at 7.9% which is a little more than consensus estimate which was around 7.5%. Experts fear that the actual number which will be confirmed few weeks down the line could be closer to the estimate. Also the 7.9% is far less than the 9.2% achieved during same quarter last year, which is a clear indication of things slowing down. With inflation at record levels, interest rate reductions are at least few months away, aver experts.