Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/4/2014 (1 year ago)

Catholic Online (www.catholic.org)

Downturn in manufacturing cited as one of chief reasons

An emerging economic powerhouse with one of the world's largest populations, the nation of India had a slowdown in economic growth in the most recent quarter. The Indian economy expanded at an annual rate of 4.7 percent in the three months to December, which was down from 4.8 percent in the previous quarter -- lower than what analysts had been expecting, and a definite disappointment.

As recently as in 2012, India's annual GDP growth was 4.5 percent. The downturn is not a surprise, but only serves as a reminder of the economic malaise of that nation.

As recently as in 2012, India's annual GDP growth was 4.5 percent. The downturn is not a surprise, but only serves as a reminder of the economic malaise of that nation.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/4/2014 (1 year ago)

Published in Asia Pacific

Keywords: India, economy, downturn, manufacturing


LOS ANGELES, CA (Catholic Online) - As Asia's third-largest economy, India's sluggish growth has been weighed down by various factors. High inflation, a weak currency and a drop in foreign investment are all cited as factors.

As recently as in 2012, India's annual GDP growth was 4.5 percent. The downturn is not a surprise, but only serves as a reminder of the economic malaise of that nation.

While such growth would be enviable by both the U.S. and Europe, for a country that once harbored aspirations of double-digit growth, the figures are bleak.

Manufacturing has taken a hit. Over the past three months factory output fell almost two percent.

Job creation in India is a major worry for India with its large, young population. The nation needs to grow much faster to generate enough employment for its people.

Elections here are due in a couple of months. There are renewed hopes that if a strong government came to power, things could start turning around for India.

This is the fifth quarter in a row that India's annual growth rate has been below the five percent mark.

While manufacturing is down and factory jobs are scarce, hotels, transport utilities and agriculture in India have shown substantial growth.

"We continue to expect India's economic recovery to remain slow and uneven. Local conditions remain challenging, which is critical as the economy is driven primarily by domestic demand," Capital Economics economist Miguel Chanco says.

Two years ago, India's growth rate stood at about eight percent. Economists say the country needs to grow by that much in order to generate enough jobs for the 13 million people entering the workforce annually.

"These figures show that the slowdown really cemented itself in 2013. All four quarters showed growth below 5 percent," the BBC's Yogita Limaye in Mumbai says. The numbers are not good news for the ruling Congress Party, which faces elections in May.

"One silver lining [for the government] is inflation. Prices had risen steeply in the beginning of the year but over the past two months they have come down."

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Asia Pacific

'I knew then my life was over': The heartbreaking reality for teen rape victims shamed in India Watch

Image of

By Kenya Sinclair (NEWS CONSORTIUM)

Indian women suffer as rapists force families to accept money in exchange for silence. In many villages, women are blamed for being raped and men do not marry single mothers, as such women are seen as shameful. Without time to finish their educations, and beaten down ... continue reading


North Korean submarines suspiciously missing following the dissolution of standoff with South Korea Watch

Image of Prime Minister Kin Jong Un.

By Linky C. (NEWS CONSORTIUM)

A few days after Kim Jong Un ended a stand-off with South Korea, 50 North Korean submarines were reported to have vanished from radar. A possible surprise attack from the North is expected. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - The North Korean submarines ... continue reading


Family mourns loss of newborn after it is attack by rats in hospital Watch

Image of Rat infestation in Indian hospital leads to gruesome newborn death.

By Kenya Sinclair (NEWS CONSORTIUM)

A newborn died of rat bites in a government-ran hospital in the city of Vajayawada, located within the state of Andhra Pradesh, India. Los Angeles, California (Catholic Online) - The newborn boy was born in the government-ran hospital where he was sent to the pediatric ... continue reading


1,500-year-old mummified newborn uncovered in Siberia could provide insight into ancient Siberian life Watch

Image of A newborn mummy discovered in Siberia.

By Linky C. (NEWS CONSORTIUM)

The remains of a newborn that was accidentally mummified 1500 years ago has been discovered in an ancient grave in Siberia. This discovery could lead to the unraveling of several mysteries concerning ancient Siberians. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - ... continue reading


15-year-old girl forced to marry 32-year-old man: The life of Bangladeshi child brides can be full of violence and abuse Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Weddings are supposed to be one of the most memorable moments in a woman's lifetime. But for 15-year-old Nasoin Akhter it was nothing but loneliness. MUNTINLUPA, PHILIPPINES (Catholic Online) - Akhter was coerced into marriage with a 32-year-old man. In her wedding ... continue reading


Final Attack Operation: Kim Jong Un prepared North Korea military for battle Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

Although the peninsula is technically still engaged in war, alarm and concern was raised in the region and other parts of the world after a report that North Korea's supreme leader Kim Jong Un convened with the country's senior party and defense officials. MUNTINLUPA, ... continue reading


Welcome to Beidaihe - the Chinese seaside resort town where leaders meet to plot world domination Watch

Image of The Chinese government's meetings in Beidaihe are never formally announced. The only clear indication that political and governmental activity is afoot is when soldiers of the People's Liberation Army appear on the streets.

By Catholic Online (NEWS CONSORTIUM)

Known for its gentle ocean breezes, seafood, beaches, and fun activities, the Chinese seaside resort town of Beidaihe is very popular with tourists. Families and young people gather there in the summer months for fun in the sun. Bedidaihe is also very popular with ... continue reading


Relations between China and the Holy See move forward with recognition of seminary studies, students Watch

Image of Diplomatic relations between the Holy See and China were cut in 1951, two years after the Chinese Communist party seized power.

By Andrea Gagliarducci, CNA/EWTN News

In a tiny victory for Vatican-Chinese rapprochement, China's government now recognizes seminary studies and allows seminarians to continue their education in a state university should they leave. Vatican City (CNA/EWTN News) - The Bachelor of Arts diploma young ... continue reading


Christianity sweeps mainland China - in reaction to nation's modernizing world, analysts say Watch

Image of According to the renowned sociologist Rodney Stark, the number of Christians in China is growing at an impressive annual rate of seven percent.

By Carl Bunderson, CNA EWTN News

Christianity is spreading rapidly in China, and it could be because of how well the faith fits in with modern scientific technology. Fort Worth, Texas (CNA/EWTN News) - According to the renowned sociologist Rodney Stark, the number of Christians in China is growing ... continue reading


Massive floating fortress planned on China's disputed waters, but what will they be used for? Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

Floating fortresses are set for construction by two Chinese companies in an area of territorial dispute. Although the companies insist the plans were for a more commercialized and civilian engaging hub, but there are some that speculate the fortresses will serve for ... continue reading


All Asia Pacific News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Jeremiah 1:17-19
17 'As for you, prepare yourself for action. Stand up ... Read More

Psalm, Psalms 71:1-2, 3-4, 5-6, 15, 17
1 In you, Yahweh, I take refuge, I shall never be put ... Read More

Saint of the Day

Saint of the Day for August 29th, 2015 Image

St. Sabina
August 29: St. Sabina's feast day is August 29th. We know St. Sabina only ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter