Indian economy among the fastest growing even during Recession

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MUMBAI (Reuters) – The Indian economy grew slightly less than 7 percent in the 2008/09 fiscal year that ended on March 31 due to the impact of the global slowdown, Prime Minister Manmohan Singh said on Monday.

“The global economy is in deep trouble and we are affected by it. But because of the measures we have taken, we had anticipated something of this sort, the effect on our economy is not as great as the impact on many other countries,” Singh told a televised news conference.

“We have recorded a growth of 9 percent in the first four years of our government. Last year, because of the impact of global recession, the growth rate will be slightly less than 7 percent.”