India’s central bank warned yesterday that the country’s economy would grow this fiscal year at its slowest rate since 2003.

The Reserve Bank of India cited the median estimates of institutions such as the World Bank and Citigroup that showed growth would slow to 6.8%, down from earlier forecasts of 7.7%. This would be the slowest rate of growth since 2003 – when India’s gross domestic product expanded 3.8% – and would end a three-year period in which the economy grew at least 9% annually.

Financial Times, The Times, of India