Economists, can you explain why this is good news?
According to this BBC Article:
The Indian government recently said it expected the economy to grow by 8.7% in the financial year to the end of March, which would be the slowest rate of expansion in three years.The government has raised interest rates and reduced the amount of money banks can lend out to cool the industrial and financial sectors. The government is also predicting a slowdown in agricultural output.
Analysts broadly welcomed the latest figure, as it shows government efforts to slow breakneck economic growth are continuing to be successful.
What are the benefits of slowing India's economy down? Especially the agricultural sector? Any ideas?