India sees slowest growth since 2014 as new tax roils economy

NEW DELHI: India forecast its economy will expand at the slowest pace since Prime Minister Narendra Modi came to power in 2014, as a chaotic roll out of a new sales tax roiled supply chains and weakened demand.

Gross domestic product will grow 6.5% in the year through March 2018, the Statistics Ministry said in a statement in New Delhi yesterday. That compares with the 6.6 percent median estimate in a Bloomberg survey of 20 economists and 7.1% the previous year.