‘Economy to Grow at 7.5 to 7.6 Percent’: Subir Gokarn

India's economy is expected to grow at around 7.5 to 7.6 percent in the current fiscal year that ends in March, said Deputy Governor of the RBI Subir Gokarn on Friday.

Gokarn said that the impact of rate hikes is visible on economic growth and that economy is clearly in a slowdown mode.

India's industrial output grew at its slowest pace in two years in September, providing further evidence of deceleration in the economy and raising the odds of a pause in the central bank's 20-month-old policy tightening cycle.

Production at factories, mines and utilities grew 1.9 percent from a year earlier in September, lower than a downwardly revised 3.6 percent growth a month ago and below the median forecast for a 3.5 percent rise in a Reuters poll.