New Delhi: India’s GDP growth hit an over six-year low of 4.5 percent in July-September 2019, dragged mainly by deceleration in manufacturing output and subdued farm sector activity, according to official data released on Friday. Meanwhile, a senior BJP leader Subramaniam Swamy takes a dig at the Finance Minster Nirmala Sitharam calling her a person who “doesn’t know any economics”.
The previous low was recorded at 4.3 percent in the January-March period of 2012-13. The Gross Domestic Product (GDP) growth was registered at 7 percent in the corresponding quarter of 2018-19.
During the six month period (April-September, 2019), the Indian economy grew 4.8 percent as against 7.5 percent in the same period a year ago. The Reserve bank had lowered the GDP growth projection for 2019-20 to 6.1 percent from earlier forecast of 6.9 percent. China’s economic growth was 6 percent in July-September 2019, which was the weakest expansion in over 27 years.
Against this backdrop a Harvard trained economist Swamy also said, “they are saying that it is coming down to 4.8 percent. I’m saying it is 1.5 percent.” His reaction came after the FM Sitharaman claimed that,”it is not a recession yet” while making a statement in the Rajya Sabha.
Similarly, farm sector GVA growth remained subdued at 2.1 percent, down from 4.9 percent in the corresponding period of the previous fiscal. Construction sector GVA growth too slowed to 3.3 percent from 8.5 percent earlier.