India no longer world’s fastest-growing economy

This news has been read 18313 times!

NEW DELHI (Reuters) – India’s economy grew at its slowest pace in more than four years in the January-March period, falling behind China’s pace for the first time in nearly two years and raising the prospect of fiscal stimulus and a rate cut.

Asia’s third largest economy grew at a much slower-than-expected 5.8% in the last quarter, compared with 6.4% in China, government data showed on Friday. The figures were released as Prime Minister Narendra Modi started his second term.

A Reuters poll of economists had forecast a growth rate of 6.3 percent for the March quarter, compared with a 6.6% rise in the October-December period in 2018.

Devendra Kumar Pant, chief economist at India Ratings & Research in New Delhi, said there were signs of a further slowdown in the economy.

“The government has a very limited fiscal space. However, current economic conditions call for some stimulus,” he said.

Asia’s third largest economy grew at a much slower-than-expected 5.8% in the last quarter, compared with 6.4% in China, government data showed on Friday. The figures were released as Prime Minister Narendra Modi started his second term.

A Reuters poll of economists had forecast a growth rate of 6.3 percent for the March quarter, compared with a 6.6% rise in the October-December period in 2018.

Devendra Kumar Pant, chief economist at India Ratings & Research in New Delhi, said there were signs of a further slowdown in the economy.

“The government has a very limited fiscal space. However, current economic conditions call for some stimulus,” he said.

This news has been read 18313 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights