India clocks 4.7% growth in Oct-Dec quarter

NEW DELHI: India posted a slightly lower-than-expected growth of 4.7% in the last quarter of 2013, data showed on Friday, marking more bad news for the ruling Congress party ahead of looming elections.

The 4.7% year-on-year expansion in the three months to December undershot market forecasts of around 5% growth and reflected high interest rates that have crimped investment and consumer spending.

It was India's fifth straight quarter of below 5% expansion.

Growth has crumbled from nearly double-digit expansion just two years ago; level economists say India must reach again to generate enough jobs for its vast young population.

Earlier this month, the government forecast the economy would grow by 4.9% in this fiscal year to March, after expanding by a decade low of 4.5% last year.