GDP Growth At 4.5% In July-September, Lowest In More Than 6 Years
India's economy grew at its slowest pace in more than six years in July-September period, official data showed on Friday. The country's Gross Domestic Product or GDP grew 4.5 per cent in the second quarter of current financial year compared with 5 per cent in the previous quarter, and 7 per cent in the July-September period of 2018. The GDP data was worse than economists' estimates. According to a poll conducted by news agency Reuters, economists had expect GDP growth at 4.7 per cent in July-September.
The pace of economic growth fell below the 5 per cent mark for the first time since January-March period of 2013 when GDP grew at 4.3 per cent.
Friday's data disappointed many economists who had pinned their hopes on the recently-concluded festive season for a pickup in demand.
The government has exuded confidence that economic growth will pick up soon. It has over the past few months announced a series of measures to stimulate the economy, ranging from withdrawal of higher taxes on foreign investors, a mega merger plan for state-run lenders and a reduction in corporate taxes.
Finance Minister Nirmala Sitharaman this week acknowledged the slowdown in economy. "Growth may have come down, but its not recession yet or it won't be recession ever," she said during a debate in Rajya Sabha on Wednesday.
The Reserve Bank of India has also been lowering the repo rate to push economic expansion.It has so far this year cut the repo rate five times by 135 basis points. Many economist expect the central bank to again cut interest rates at its December policy meet by 25 basis points making it the most aggressive central bank in the world.
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
