Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
India's GDP growth plummets to 5% in Q1
https://www.news18.com/news/business/india-clocks-5-gdp-growth-for-q1-a-21-quarter-low-and-way-below-estimates-2291079.htmlOuch.
The Central Statistical Office (CSO) in its official release on Friday said that India's quarterly GDP has come down to 5 per cent as compared to 5.8 per cent in the last quarter of the financial year. The figure stood at 7.8 per cent in the same quarter of the previous financial year.
Manufacturing sector and private consumption are being blamed for the slump.
Ahead of official release of GDP numbers, most research firms had predicted muted growth in the previous quarter and had revised downward their forecast for FY20.
Cutting down FY20 GDP growth to 6.7 per cent (six-year low) from its earlier forecast of 7.3 per cent, India Ratings and Research (Ind-Ra) on August 28 said that the current fiscal would be the third consecutive year of subdued growth. It attributed the lacklustre performance primarily to a slowdown in consumption demand, delayed monsoon, decline in manufacturing and rising global trade tensions affecting exports.
Manufacturing sector and private consumption are being blamed for the slump.
Ahead of official release of GDP numbers, most research firms had predicted muted growth in the previous quarter and had revised downward their forecast for FY20.
Cutting down FY20 GDP growth to 6.7 per cent (six-year low) from its earlier forecast of 7.3 per cent, India Ratings and Research (Ind-Ra) on August 28 said that the current fiscal would be the third consecutive year of subdued growth. It attributed the lacklustre performance primarily to a slowdown in consumption demand, delayed monsoon, decline in manufacturing and rising global trade tensions affecting exports.