India's economy is expected to grow by 7 to 7.5 percent in the current

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fiscal year ending March, Prime Minister Manmohan Singh said in a speech on Friday.

Gross domestic product grew 8.4 percent in the year to March 2011.

Growth is slowing after a prolonged bout of monetary policy tightening that saw 13 interest rate increases since March 2010, as well as sluggish investment and weak global conditions.