India''s Economy Maintains 9% Growth

India''s economy grew by nine percent last year making it the world''s fastest-growing major economy after China. But the news is not all good. There are worries that high crude oil prices and runaway inflation will slow down growth. Anjana Pasricha has a report from New Delhi. India has pegged economic growth in the last fiscal year at a higher-than expected nine per cent. It is the third successive year that the economy has grown at this pace.The numbers should have brought cheer to the government. But Indian officials are not celebrating as they battle two emerging concerns, high global crude oil prices and rising inflation. Record high crude oil prices are hurting India significantly because it imports about 70 percent of its needs. The government heavily subsidizes prices of petroleum products. But public sector oil companies are now reeling under losses, and have warned they could face a cash crunch if retail prices are not raised.The government is likely to raise prices of gasoline soon, but there are concerns that the move will fuel inflation, which is already running high.India''s inflation rate surpassed eight percent last week, its highest level in four years.