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Slower growth looms for India as bad economic news sinks in

NEW DELHI, Friday (AFP) India, the second-fastest expanding economy last year, is facing slower growth after being hit by a patchy monsoon, soaring oil prices and inflation at 42-month highs. Add to that the spectre of higher interest rates to rein in prices and it all adds up to a financial baptism of fire for the new Congress government, elected in May on a platform of spreading prosperity to India's poor.
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