The economy grew at its slowest pace in six years in the July-September quarter.
According to data released by the Ministry of Statistics and Programme Implementation, the second-quarter GDP (Gross Domestic Product) growth rate was 4.5 per cent against 7 per cent during the corresponding period of last fiscal (2018-19). This is the lowest after the fourth quarter (January-March) of 2012-13 when the GDP growth rate was 4.3 per cent. Also, this is the sixth successive quarter of declining growth rate.
All eyes on RBI now
Though the GDP growth rate is on a decline, the core sector (eight key industries) has been contracting, the fiscal deficit is widening and the retail inflation is rising, the Finance Ministry put on a brave face, saying the slowdown has bottomed out.
Economic Affairs Secretary Atanu Chakraborty said the fundamentals of the economy remain strong and “growth is expected to pick up from the third quarter of FY 2019-20”.
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