India’s GDP dips further to 4.5 percent, worst in six years

New Delhi: India’s GDP growth hit an over six-year low of 4.5 percent in July-September 2019, dragged mainly by deceleration in manufacturing output and subdued farm sector activity, according to official data released on Friday.

 

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The previous low was recorded at 4.3 percent in the January-March period of 2012-13. The Gross Domestic Product (GDP) growth was registered at 7 percent in the corresponding quarter of 2018-19.

During the six month period (April-September, 2019), the Indian economy grew 4.8 percent as against 7.5 percent in the same period a year ago. The Reserve bank had lowered the GDP growth projection for 2019-20 to 6.1 percent from earlier forecast of 6.9 percent. China’s economic growth was 6 percent in July-September 2019, which was the weakest expansion in over 27 years.

 

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According to the data released by National Statistical Office (NSO), the gross value added (GVA) growth in the manufacturing sector contractor by 1 percent in the second quarter of this fiscal from 6.9 percent expansion a year ago.

 

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Similarly, farm sector GVA growth remained subdued at 2.1 percent, down from 4.9 percent in the corresponding period of the previous fiscal. Construction sector GVA growth too slowed to 3.3 percent from 8.5 percent earlier.

 

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