Industrial growth cools off on rate hikes

NEW DELHI: The great Indian growth story may be experiencing a pause. Industrial output growth for July 2007 has seen a sharp decline to 7.1% from 13.2% in July last year. The annual growth is at its lowest since last October when it had dipped to 4.4%. Growth figures have been consistently at sub-10% levels for the past three months with higher interest rates slowing down manufacturing and consumer spending. Tighter monetary policy has helped push inflation below 4%.

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