India’s economic growth in the second quarter slipped to the lowest in more than six years, according to the official data released on Friday. The country’s GDP grew at 4.5 per cent in the second quarter as compared to the 5 per cent in the first quarter of the current financial year. The previous low was recorded at 4.3 per cent in the January-March period of 2012-13 during the UPA rule.
During the six-month period (April-September 2019), the Indian economy grew 4.8 per cent as against 7.5 per cent in the same period a year ago. The Reserve Bank had lowered the GDP growth projection for 2019-20 to 6.1 per cent from earlier forecast of 6.9 per cent.
Output of eight core infrastructure industries also contracted by 5.8 per cent in October, indicating the severity of economic slowdown. As many as six of eight core industries saw a contraction in output in October. Coal production fell steeply by 17.6 per cent, crude oil by 5.1 per cent, and natural gas by 5.7 per cent.
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