India claims economy slowdown, no recession |
India Finance Minister Nirmala Sitharaman has said that Indian economy has lost some steam but has not descended into a recession yet. She was addressing the Upper house of Indian Parliament, the Rajya Sabha on Wednesday. She said, "If you are looking at the economy with a discerning view, you see that growth may have come down but it is not a recession yet, it will not be a recession ever," "India`s real Gross Domestic Product (GDP) growth was at 6.4 percent at the end of 2009-2014, whereas between 2014-2019 it was at 7.5 percent.” Economic growth in India has come to a standstill as major macroeconomic parameters are showing signs of slowdown. GDP growth in the June quarter declined to a 6-year low of 5 percent on the back of a sharp decline in consumer demand and tepid investment. Most experts believe this figure to go down even further in the September quarter. Industrial output for the month of September recorded a 7-year low of after contracting 4.3 percent. The slowdown has spread across sectors too, with once robust segments like auto and retail struggling in recent times. Even festive season this year have failed to revive consumer demand as compared to previous years.
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