By IANS
New Delhi : Amid growing concerns over a possible US recession, Finance Minister P. Chidambaram said India’s economic growth may slow down this fiscal due to a lower consumption demand.
“Overall, there was a deceleration in growth of public and private consumption,” the finance minister told the Lok Sabha, the lower house of parliament, during a debate on the national budget which was presented by him Feb 29.
This, he said, had affected the growth of the manufacturing sector, notably the consumer goods industry, as well as the services sector – primarily the realty industry.
The Indian economy had expanded by 9.6 percent in the last fiscal.