Indian deficit will grow to 6.2% as industrial output shrinks again

According to recent media reports, the Indian Prime Minister Manmohan Singh is about to announce the appointment of University of Chicago professor and former International Monetary Fund Chief Economist Raghuram Rajan as India's chief economic adviser. They are going to need all the advice they can get because India's economy is falling off a cliff. In June, industrial output fell for the third time in four months. The contraction was unexpected and deep as industrial output fell 1.8% versus exp...


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