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New Delhi: India’s economic growth dropped to a seven-year low of 5% in the April-June quarter of 2019-20 due to a sharp deceleration in the manufacturing sector and sluggish agriculture output, according to official data released on Friday.

The previous low was recorded at 4.9% in April-June 2012-13. The economic growth was 8% in the same quarter of 2018-19.

The Reserve Bank of India had marginally lowered the GDP growth projection for 2019-20 to 6.9% from 7% projected earlier in the June policy, and underlined the need for addressing growth concerns by boosting aggregate demand.

“Real GDP growth for 2019-20 is revised downwards from 7 per cent in the June policy to 6.9 per cent – in the range of 5.8-6.6 per cent for firs half of 2019-20 and 7.3-7.5 per cent for the second half – with risks somewhat tilted to the downside,” RBI had said in the monetary policy statement.

China’s economic growth was 6.2% in April-June quarter of 2019, which was the weakest expansion in 27 years.


Also read: Modi govt announces mega merger of banks to boost India’s flagging economy


 

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4 COMMENTS

  1. Ms Nirmala Sitharaman was a fantastic National Spokesperson for her party, marshalled the facts, went for the government’s jugular with clinical precision. Sometimes wonder how she would have addressed the current economic situation if she had been on the other side of the aisle.

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