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Updated Saturday, May 31, 2008 0:00 am TWN, AFP

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Indian economy grew 9.0%, in 2008, 2nd only to China

NEW DELHI -- India’s economy grew nine percent in the last fiscal year, second only to China among big economies, but the better than expected figure was overshadowed by a surge in inflation, data showed Friday.

Growth to March 2008 was down from the previous year’s 9.6 percent but marked the third straight year the economy had expanded by nine percent or more despite aggressive monetary tightening to tame price rises.

Economic growth was 8.8 percent in the fourth quarter to March as interest rates at six-year highs hit consumer demand and investment. However, the figure was still far better than a market consensus forecast of 8.1 percent.

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