India’s Growth Tale: ‘$5 Trillion Economy’ Promises to a 4.5% GDP
This is the slowest growth India has recorded under Prime Minister Narendra Modi.
The headlines this past weekend about India’s GDP growth were alarming and rightfully so.
The Indian economy clocked in the slowest GDP growth in six years at 4.55 percent for the July-September 2019 period. This is the slowest growth since January-March 2013 period, when the economy grew at 4.3 percent under Manmohan Singh as the prime minister. For the period Narendra Modi has been the prime minister of India, this is the slowest growth India has recorded.
This slowdown comes at the back of a shocking contraction in the manufacturing sector that forms the bulk of the industry. It recorded a negative growth of 0.1 percent against 6.9 percent growth in the same quarter previous fiscal year.
Agriculture, mining and electricity also witnessed slower rates of growth.
So does this confirm all the fears we had about a terrible slowdown in the economy? What are the implications? Tune in to The Big Story.
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