India’s economy grew 7.7 per cent in the quarter to the end of June as higher interest rates bit deeper into the expansion of the world’s fastest-growing large economy after China.
The slowest growth for 18 months, which compared with 8.8 per in the same period a year ago, reflects aggressive monetary tightening by the Indian central bank as it tries to combat near double digit inflation and an uncertain global economy.
The Reserve Bank of India is expected to raise rates again at a monetary policy meeting on September 16, which would be the 12th rise in about 18 months.
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