India is in the grip of a deep slowdown and unless the government takes more steps to spur growth, including a fresh fiscal stimulus, the economy is likely to remain slow moving even in the next fiscal. The government on Tuesday released the first advance estimates for 2019-20 where GDP growth was pegged at 5 per cent. This means the Indian economy will be growing at the slowest pace since the year of the Lehman crisis in 2008-09. Though, at 5 per cent for the full year, the estimate builds in a mild recovery in the October 2019-March 2020 period since the growth in the first six months had averaged 4.8 per cent. The estimate shows the extent of the slowdown in the economy within just 12 months, since GDP growth had been measured at 6.8 per cent in 2018-19. It is pertinent to note here that the growth estimate for FY20 is way below the estimate given in the Economic Survey last January (it had projected 7 per cent growth) and also below the estimate with which the RBI began the year (RBI had initially forecast 7.4 per cent growth but has been subsequently lowering growth numbers to reach… Read full this story
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As Things Stand, Even Govt’s ‘First Guess’ of GDP Growth Slumping to 5% May Be Too Optimistic have 297 words, post on www.news18.com at January 8, 2020. This is cached page on VietMaz. If you want remove this page, please contact us.