India's economic growth fell to its slowest pace in a decade for the latest fiscal year, faltering amid government failures to act on planned reforms to encourage investment and improve industry performance.
Growth for the 12-month period ending March 31, 2013 stood at 5%, according to government statistics released today.
In the prior year period, the growth rate was 6.2%. The year before that, the economy grew at a fast-clipped 9.3%.
For the three months from January to March, growth slowed to 4.8%, compared to 5.1% the same time the previous year.
The latest figures confirm the fears of analysts that high inflation, weak consumer spending, and delays in economic reforms have dampened investment sentiment in the Indian economy.
Prime Minister Manmohan Singh told reporters that he expected the economy to pick up pace in the coming months as his government pursued "pro-growth policies."
"We will see inflation coming under greater control and the space for growth-promoting activities also increasing," Mr Singh said today.
But similarly optimistic predictions made by Singh in the past have not managed to stop the economy's slide.
Singh's fractious coalition government remains mired in a series of corruption scandals, while angry opposition parties continue to disrupt Parliament functioning, further holding up urgent economic reforms that could spark an economic rebound.
