- Less than 4.3% GDP growth in the January-March quarter of 2013
- More impact of the decline in manufacturing sector growth, -1% growth in this sector
The country’s GDP growth declined to 4.5% in the July-September quarter. It is the lowest in 6 years (26 quarters). In January-March 2013 it was less than 4.3%. GDP growth was more affected by the sluggishness of the manufacturing sector. The sector grew by (-) 1%. Last year was 4.9% in the September quarter. The Central Statistics Office released figures for the September quarter on Friday.
GDP growth declined to 4.5% in the July-September
Earlier, the growth was 5% in April-June and 7% in July-September last year. On a half-yearly basis, the growth rate in the six months of April to September this year was 4.8%. It was 7.5% in the same half last year.
‘Growth expected from third quarter’
Chief Economic Advisor KV Subramanian says that the base of the country’s economy is strong. GDP growth is expected to increase from the third quarter (October-December).
RBI may reduce repo rate by 0.25%: Report
According to a Reuters report, the RBI may cut the repo rate by 0.25% again in the monetary policy review meeting on 3-5 December to speed up economic growth. If this happens, this repo rate will be cut for the sixth consecutive time. In the efforts to improve the economy, the government has also taken several steps in the past months, including reducing corporate tax.
GDP ‘Godse Device Politics’ for BJP: Congress
Congress spokesperson Randeep Surjewala has slammed the government for declining GDP growth. He said – GDP growth has reached a six-year low, yet why is BJP celebrating? For the BJP, GDP is Godse device politics. Surjewala made this remark in the statement’s context of BJP MP Pragya Thakur. Pragya called Nathuram Godse a patriot, although he apologized twice in the Lok Sabha on Friday.
Former Prime Minister and senior Congress leader Manmohan Singh on Friday said the current state of the Indian economy was “unacceptable”, soon after the second quarter’s growth numbers revealed that the Gross Domestic Product (GDP) had hit the lowest in six years.