India posts 4.7pc economic growth

NEW DELHI, May 31 (AFP): India reported Friday a second straight year of sub-five per cent growth, underscoring challenges facing new right-wing Prime Minister Narendra Modi to revive Asia's third-largest economy.

The economy grew by 4.7 per cent in the financial year to March 2014, below the 4.9 estimate of the previous left-leaning Congress ousted in elections earlier this month by voters angered by economic slowdown, soaring consumer inflation and widespread corruption.

The data would be "a reminder" for the Bharatiya Janata Party (BJP) government "that a lot of work needs to be done in the economy before growth can pick up again," Nomura Asia interest strategist Vivek Rajpal said ahead of the figures.