India’s economic growth slowed in the three months to September and the pace of expansion is the weakest in more than six years as manufacturing and export sectors remained weak amid the global slowdown, data showed on Friday. GDP grew by 4.5% year-on-year in the third quarter of this year, following a 5% expansion in the second quarter. This was below expectations for a 4.7% increase in the third quarter, while growth for the same period in 2018 was 7%.
In the April-September period, the economy grew by 4.8% versus 7.5% in the same period a year earlier, reflecting that the Indian economy is losing ground.
India’s Ministry of Finance has confirmed that economic growth is slowing but unlikely a recession. The government has announced several stimulus measures to boost the economy. The Reserve Bank of India has cut interest rates several times this year. Not yet achieved.