India GDP growth sinks to 4.5% in September quarter

India braces for shock GDP as PM Modi scrambles to spur economy

Reacting to the GDP data, Edelweiss Securities' Economist Madhavi Arora said: "The GDP growth softened to 4.5 per cent in 2Q - a tad lower than our expectations of 4.7 per cent". "We believe growth could weaken further to 4% in the third quarter of the current financial year, which will mark the trough", said Nikhil Gupta, the chief economist of equity advisory firm Motilal Oswal. Similarly, trade, hotel, transport, communication and services related to broadcasting growth was also down to 4.8 per cent in the second quar-ter from 6.9 per cent a year ago.

Further details of the report showed that the manufacturing sector and the farming sector grew by 1% and 2.1%, respectively, in the same period. The Congress leader also claimed that during Congress' tenure of ten years the GDP growth was at an average of 8.13 percent. The GDP expansion rate moderated from 5 per cent recorded in April-June 2019 and is much weaker than the 7 per cent growth registered in July-September 2018, according to official data released Friday.

The deceleration underscores how the crisis in India's shadow-banking sector, which began with the collapse of major lender IL&FS last year, has rippled through the wider economy, as the easy credit that had facilitated a consumer spending boom in the two preceding years ended abruptly. He expects the government will miss this year's fiscal deficit target of 3.3% of GDP as it boosts spending while tax revenue falters.

The Indian economy will remain under the same stress in the remaining period of the ongoing year, economists opined. "Given the current growth-inflation dynamics India Ratings believes RBI will go for another 25 basis point rate cut in the forthcoming monetary policy review in December 2019".

Amazon’s Cyber Monday sale has started
The Fire Stick 4K also supports brilliant and attractive crisp video quality with 4K Ultra HD, Dolby Vision, HDR, and even HDR10+. With the Fire TV Stick 4K with Alexa Voice Remote, you're getting access to over 500,000 movies and TV episodes.

Despite the several steps, analysts and experts and the Opposition, however, raised a hue and cry over the economy's downward trend, saying the government didn't do enough to address the slowdown in demand for the past 2-3 years. The same situation has also been with the construction sector. In the power sector (October growth at negative 13 per cent), financial viability at the distribution and supply end will have to be structured, "otherwise this is likely to drag generation and transmission into sickness very soon", he said.

Earlier this week, replying to a debate on the economic situation, she had categorically said that the growth might have come down but "it is not a recession yet, or it won't be a recession ever". "Aspiration of our country is to grow at 8-9 percent per annum", he said. The sharp decline of GDP from five per cent in Q1 to 4.5 per cent in Q2 is worrisome.

Shubhada Rao, chief economist at Yes Bank Ltd in Mumbai, said, "The weak numbers emphatically underscore the need for a policy focus on growth".

Related News:



Most liked

Irish Isil suspect arrested in Dublin after being deported from Turkey
She was met by counter-terrorism police who have been investigating her activities and can be questioned for up to three days. Meanwhile, Smith is "not living among" the Irish people and that she is "in a Garda station being questioned", Coveney said.

Tammy Abraham absence not to blame for defeat - Frank Lampard
The former City, Real Madrid and Villarreal coach has earned a reputation for lacking passion and even enthusiasm over the years. West Ham have been in dismal form of late. "Shocked isn't the word, I'm more disappointed", said Lampard.

Facebook labels user's post under new Singapore 'fake news' law
He also posted the article on Twitter , LinkedIn and Google Docs and challenged the government to order corrections there as well. Facebook said it complied after authorities ordered it to put a correction next to the post.

9 dead in plane crash
Knudson says the NTSB will investigate the crash, but inclement weather in the area is making travel to the site hard . The area of the crash was under a winter storm warning, according to the National Weather Service.

Newly discovered black hole is so large, it shouldn't exist
There are lots of sorts of black holes, and stellar black holes luxuriate in LB-1 are on the smaller aspect, in response to NASA . Within the midst of, those stars lose mighty of their mass, producing sunless holes that judge their diminished measurement.

Colts' Hilton suffers setback; out Sunday
The Titans (7-5) snapped a three-game losing streak in the series, winning for only the third time in the past 17 meetings. It was a tight game that came down to the wire, as the two teams entered the fourth quarter tied at 17 apiece.

Browns safety Damarious Randall to miss Steelers game due to 'coach's decision'
During the fight, Pouncey was seen kicking and punching Garrett after the defensive end struck Rudolph with his own helmet. Freddie Kitchens' wardrobe unintentionally added a little more fire to the already heated Browns-Steelers rivalry.

Trump flies into British election campaign
A senior Trump administration official said that Trump is "absolutely cognizant of not, again, wading into other country's elections".

New Orleans gunfire: Several shot in French Quarter
So far, only one person has been detained for the shooting, but it isn't known if the person had a role in the shooting. New Orleans police in the us state of Louisiana said Sunday that 11 people were wounded in an early morning shooting .

Erdogan slams Macron days before Nato events
These remarks come after French critics of Turkey's Operation Peace Spring in northern Syria . French officials summoned the Turkish envoy in Paris to complain.

Tammy Abraham out, but West Ham should fear his potential replacement
West Ham produced a magnificent display to win away at Chelsea today, and Danny Gabbidon reacted on Twitter to his former side's victory.

Pixel 3a and Pixel 3a XL Prices Get Slashed by $100
Dark Friday deals on Google items are going on everywhere throughout the web, including at Google's online customer-facing facade. Take advantage of Black Friday pricing and snag the Nest learning thermostat for $179 at Walmart and Amazon and save $70.

New Android 10 beta lands on the Galaxy Note 10
The company eventually jumped into the Galaxy S10 Series earlier this year, followed by the 10th grade in the fall. Other than new features and tweaks to existing apps , it also comes with the December security update.

Amazon has a stellar Black Friday deal on the new MacBook Air
When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running. For the full range of live deals check out Amazon'sBlack Friday deals page and Walmart'sBlack Friday home page.

Probe into plan to create new Nazi party - English
Italian police have arrested at least 19 people in connection with a militant neo-Nazi ring, national media reported on Thursday. The extremists had also been trying to recruit people on social media and had a group chat called "Militia" to keep in contact.