Business & Finance

India’s GDP slumps to a 6-year low, halts at 5%

New Delhi | The Gross Domestic Product (GDP) growth for the first quarter of the financial year 2019-20 dropped to five per cent.

This marks a sharp decline of 0.8 per cent points compared to the last quarter that ended in March.

The current GDP numbers are the worst in the last five years, weakest growth rate since 2013.

The financial year 2018-19 ended with an overall Gross Domestic Product (GDP) growth rate of 6.8 per cent, which was marginally lower compared to the year before. The growth rate for the fourth quarter of FY 2018-19 (January to March) stood at 5.8 per cent.

The numbers come amidst a slowdown in the economy, which has particularly hit the auto and textile sectors.

Some of the factors behind the slowdown are an uncertain world economy due to the US-China trade war and Brexit concerns.

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