India's economic growth dropped to a six-and-a-half year low of 5 percent 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, 30 August.
The previous low was recorded at 4.9 percent in April-June 2012-13. The economic growth was 8 percent in the same quarter of 2018-19.
The Reserve Bank had marginally lowered the GDP growth projection for 2019-20 to 6.9 percent from 7 percent 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 percent in the June policy to 6.9 percent – in the range of 5.8-6.6 percent for first half of 2019-20 and 7.3-7.5 percent for the second half – with risks somewhat tilted to the downside," RBI had said in the monetary policy statement.
Meanwhile, China's economic growth was 6.2 percent in April-June quarter of 2019, which was the weakest expansion in 27 years.
(With inputs from PTI)
(This is a developing story and will be updated with more details)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)