India’s GDP grew at 5 per cent in the first quarter of FY20, the slowest pace in six years. Nominal GDP growth, a measure of GDP without adjusting for inflation, rose just 8 per cent, the lowest in the last 7 years, indicating a deep slowdown.All data sets point to a serious slowdown that just refuses to let up. Growth has plunged to multi-year lows and demand has collapsed. The fall of consumption, the bedrock of growth in the past few years, has been particularly stark — it plunged to an 18-quarter low of 3.1 per cent from 10.6 per cent in the March quarter.The persistent slack has flummoxed the backers of the govt’s recent structural reforms which they thought would be enough to engineer a turnaround. Even RBI governor Shaktikanta Das himself, in an interview last year, had admitted that Q1 GDP growth of 5 per cent came as a surprise as it was way lower than expected.The lukewarm impact of these reforms could be primarily because structural changes take time to reflect on the ground, economists say. It basically means that the outcome of the steps being taken today will only show up in the growth numbers of… Read full this story
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