INSUBCONTINENT EXCLUSIVE:
According to a poll conducted by Reuters, economists had expect GDP growth at 4.7% in July-September.India's economy grew at its slowest
pace in more than six years in July-September period, official data showed on Friday
The country's Gross Domestic Product or GDP grew 4.5 per cent in the second quarter of current financial year compared with 5 per cent in
the previous quarter, and 7 per cent in the July-September period of 2018
The GDP data was worse than economists' estimates
According to a poll conducted by news agency Reuters, economists had expect GDP growth at 4.7 per cent in July-September.The pace of
economic growth fell below the 5 per cent mark for the first time since January-March period of 2013 when GDP grew at 4.3 per cent.Friday's
data disappointed many economists who had pinned their hopes on the recently-concluded festive season for a pickup in demand.The government
has exuded confidence that economic growth will pick up soon
It has over the past few months announced a series of measures to stimulate the economy, ranging from withdrawal of higher taxes on foreign
investors, a mega merger plan for state-run lenders and a reduction in corporate taxes.Finance Minister Nirmala Sitharaman this week
acknowledged the slowdown in economy
"Growth may have come down, but its not recession yet or it won't be recession ever," she said during a debate in Rajya Sabha on
Wednesday.The Reserve Bank of India has also been lowering the repo rate to push economic expansion.It has so far this year cut the repo
rate five times by 135 basis points
Many economist expect the central bank to again cut interest rates at its December policy meet by 25 basis points making it the most
aggressive central bank in the world.
