India finance minister Mr Pranab Mukherjee told reporters that 's Indian economy is expected to grow 7.3% in the fiscal year ending March 2012 adding, the reading for the September quarter fell below the government's expectations.

Mr Pranab Mukherjee said global financial problems had adversely affected domestic growth. He said that "Taking into account the trend of the last two quarters, I expect the GDP growth to be 7.3% (in 2011/12).”

The economy grew at its weakest pace in more than two years in the quarter that ended in September, revealing the heavy toll that high inflation, rising interest rates and crisis-hit global capital markets are having on Asia's third-biggest economy.

The GDP figure was in line with the median forecast in a Reuters poll for an annual rise of 6.9%

(Sourced from Reuters)