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India’s GDP growth slips to 4.5%, Lowest in more than six years

"The GDP growth rate has now slowed for the sixth consecutive quarter with the previous low recorded at 4.3 per cent in March 2013”

India’s GDP growth slipped to a 26-quarter low of 4.5 per cent in the second quarter (July-September) of the current fiscal, data released by National Statistical Office (NSO) Friday showed. The GDP growth rate has now slowed for the sixth consecutive quarter with the previous low recorded at 4.3 per cent in March 2013.

The July-September growth rate of Gross Value Added (GVA), which is GDP minus net product taxes, has slowed to 4.3 per cent as against 6.9 per cent a year ago. With this, the GDP growth rate for April-September, the first half of this fiscal, stands at 4.8 per cent as against 7.5 per cent a year ago.

The economic growth has been sliding sharply in recent quarters, prompting the government to announce a series of measures including a mega corporate tax reduction to boost economic expansion.

In the first quarter (April-June) of the current fiscal, the country’s GDP growth had slipped to a 25-quarter low of 5 per cenet.

A recession typically refers to two consecutive quarters of contraction in GDP, while a slowdown is a moderation in the growth rate of economic activity.

One of the reasons behind the lower inflation during the previous NDA government was a sharp fall in crude oil prices. During UPA-II, the Brent crude prices started rising from around $50 per barrel in April 2009 to a high of around $128 per barrel in March 2012, before settling at around $105 per barrel in March 2014.

Reference by Indian Express

 

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