India's Economy Grows 7 Percent, Slower of Expanding??

India’s economy, defying weakness in developed countries and elsewhere in emerging Asia, expanded 7% in the April-through-June quarter, making it one of the world’s fastest-growing as China downshifts.

Asia’s third-largest economy also continued to distinguish itself from its neighbors by being fueled not by investments or exports but by consumer spending, which grew 7.4% year-on-year, according to official figures released Monday. Indians are still opening their pocketbooks despite a withering of demand in other large economies, which has sapped trade and production growth around the globe.

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