Indian growth still on track: RBI's Subbarao

Duvvuri Subbarao, the new governor of the Reserve Bank of India, has said that the country's economy will continue to expand at a rapid rate despite growth recently dipping to a three-year low.

"India's remarkable economic expansion from an average of 5% in the 1990s to close to 9% in the recent period has been led by a rise in private consumption, a rise in private investment and a surge in exports," Subbarao said. "I believe that these engines of growth are still on track."

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