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India's GDP growth slows to 4.4% in Dec quarter
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India's economic growth slowed more than anticipated in the December quarter, cooling for a second consecutive quarter. The GDP growth rate eased to 4.4% -- slower than a median estimate of 4.6%. Economic expansion slowed as rising borrowing costs crimped consumption, which is a key growth-driver. In December, the Reserve Bank of India had cut its GDP growth forecast to 6.8% for the current fiscal year from 7% on the back of geopolitical tensions and tightening global financial conditions. The IMF and the Asian Development Bank have projected the economy to grow at 6.8% in 2022-23.
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