New Delhi: India’s economy grew by merely 5 percent in the April-June quarter, down from 5.8 percent in the previous quarter, according to GDP data released by National Statistical Office (NSO) on Friday.
Registering a continuous downward spiral, the GDP growth for the first quarter of the financial year has been slowest in more than six years. The previous low in GDP growth was recorded at 4.3 percent in the January-March quarter of 2012-13.
“GDP at Constant (2011-12) Prices in Q1 of 2019-20 is estimated at Rs 35.85 lakh crore, as against Rs 34.14 lakh crore in Q1 of 2018-19, showing a growth rate of 5.0 percent,” a government statement said.
The less-than-anticipated GDP growth rate puts further pressure on the Modi government to announce meaningful reforms that can bring back the economy on a growth trajectory.
Finance Minister Nirmala Sitharaman held a press conference on Friday, to address the economic slowdown in which she announced multiple mergers of public sector banks. She said the move was aimed at improving liquidity and enhancing economic growth. Sitharaman had held a similar press conference last week where she announced a slew of measures to revive the economy.