India

    India's GDP grew 6.1 percent in April-June from a year earlier, gathering momentum on public spending and interest rate cuts but a spreading drought could weigh on the nascent rebound in months ahead. The expansion in the first quarter of the fiscal year followed a rise of 5.8 percent in the January-March period, the Central Statistical Organization said. The uptick signals that the worst effects of the global financial crisis may have passed for India. India's relatively low dependence on exports meant that it weathered the global economic storm better than many countries. Yet economists and policy makers now worry that India's economy is under threat from weak rains, which could dent the recovery and trigger food price inflation. (Dow Jones, AP)

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