Global Crisis Will Hit India's Growth: Pranab

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Finance Minister Pranab Mukherjee rang the alarm bell on Thursday and said that global financial crisis will slow down India's growth to below 8 per cent this year.[/color]
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While addressing the Annual Economic Editors Conference in Delhi, Mukherjee conceded the India growth story has been hit by the global economic slowdown.[/color]
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"8 per cent growth in 2011-12 will be a cause for celebration, " said Mukherjee.[/color]
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The Finance Minister said he expects inflation to decline from December; to be 7 per cent by March-end.[/color]
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"Foreign direct investment in April-August doubled to $ 16.8 billion, " said Mukherjee[/color]
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Mukherjee said, "Let me not hide from you that I am disappointed by India's economic growth over last few months. It is evident that India's growth rate in 2011-12 will be less than what we projected in February. In the last few months number of factors both international and domestic have impacted our economy."[/color]