Indian growth slows

The Indian economy grew by an annual rate of 7.9% in the second quarter, the slowest rate of growth in over three years, and down from the 9.2% expansion registered in the second quarter of 2007.

Analysts say that full year growth for 2008 is now likely to between 7.5% and 8%, well down on the 9% to 10% level that Indians have become accustomed to, with higher energy and fuel prices, as well as higher interest rates, the main cause.

Observers say concerns about price stability make it unlikel

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