India's economy slows down clearly Low GDP growth rate of 4.5% November 29, 23:31
The growth rate of GDP = GDP from July to September was only 4.5% compared to the same period of the previous year, the lowest level since 2013. The quarterly growth rate has been below the previous year for the sixth consecutive year, and the deceleration of the Indian economy has become even clearer.
The Indian government announced on 29th that the GDP growth rate for the quarter from July to September was only 4.5% compared to the same period of the previous year.
This is the lowest level since 2013, 0.5 points below the previous quarter.
This is the sixth consecutive quarter that the quarterly growth rate has fallen below the previous period, and the slowdown in the Indian economy, which has maintained a high growth rate of around 7%, has become clearer.
This is due to the continued decline in domestic consumption, including automobiles that have driven India's economic growth, as well as a decline in a wide range of industries such as manufacturing and agriculture, forestry and fisheries.
The central bank in India has cut the policy interest rate five times in a row as an economic leverage measure, and the Modi administration has taken measures to reduce bank lending, but it is unclear how effective it will be.
Following the announcement on the 29th, the opposition party is immediately criticizing it as a failure of the economic policy “Modomics” promoted by the Modi administration, and is likely to affect the administration of the future.