New Delhi: The growth rate in the country is continuously falling. There is currently no respite from the immediate steps taken by the government. All economic institutions are lowering the estimate of the country's growth rate. According to the latest winter data, GDP growth in the first quarter has come down to 5 per cent. In the last quarter of FY 2019, it was 5.8 percent.
The Central Statistics Office on Friday released the figures for the country's economic growth for the April-June quarter of the financial year 2019-20. Due to the huge drop in consumption, the GDP figures have seen such a huge decline. The Reserve Bank of India had estimated that India's GDP growth in the financial year 2019-20 would be 6.7 percent. According to RBI estimates, GDP growth rate should be in the range of 5.8 to 6.6 percent in the first half.
It was estimated to be 7.3–7.5 percent in the second quarter. Decreasing the GDP growth rate may increase the possibility of seeking relief packages from the government. This also indicates that the shadow of the slowdown in the economy is not far away. Manufacturing growth came down to 0.6 per cent in the June quarter from 3.1 per cent in the March quarter. This indicates the crisis situation of the industrial sector in the economy. Talking about the service sectors, only the trade, hotels and communication segment recorded a sharp growth in the June quarter, which was 7.1 percent. Its growth was 6 percent in the March quarter.
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