By Ravi Velloor

THE global financial crisis is 'more severe' than expected, India's economist-turned-Prime Minister warned yesterday, asking companies to avoid steep job cuts that would worsen the situation.

India, the world's second fastest growing major economy after China, has clocked average growth of close to 9 per cent in recent years.

Despite the slowdown, the services- and-consumption-led economy had been expected to expand at a brisk 7.5 per cent to 8 per cent growth.

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