India GDP growth sinks to 4.5% in September quarter

India GDP growth sinks to 4.5% in September quarter

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".

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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".

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