India’s economic growth declined to a six-year low of 5% in the April-June quarter of 2019-20, according to standard data published on last Friday.
The prior low was reported at 4.9% in April-June 2012-13. The economic growth was 8% in the corresponding quarter of 2018-19, as per PTI.
The Reserve Bank had marginally reduced the GDP growth forecast for 2019-20 to 6.9% from 7% predicted earlier in the June policy and emphasised the need for labelling growth affairs by increasing aggregate demand.
The industrial sector grew 0.6% in April-June 2019 from 12.1% in the corresponding quarter of 2018-19. Agriculture, forestry and fishing sector increased by 2% as correlated to 5.1% in the first part of last year.
Development sector growth too reduced to 5.7% from 9.6% earlier.
Investigators said that the financial slowdown could last for the next two-three years as the market faces severe fundamental problems.
Chief Economic Adviser KV Subramanian said the administration is using all steps to improve the economy and expressed belief that the country would be on a high-growth track “very soon”.
The government remains dedicated to its fiscal glide path, he added.
“The government is ready for the condition and has taken several steps, including the mega-merger of banks.