New Delhi: The country’s Gross Domestic Product grew at 4.3 percent in the quarter between July and September, which is the lowest since January-March in 2013 when the GDP grew at 4.3 per cent. The GDP data was even worse than the estimates of 4.7 per cent that the economists expected.
The GDP numbers were released along with the data for the eight core infrastructure industries, which showed output declining by 5.8 per cent in October. As many as six of the eight core industries saw a contraction in output in October. Coal was the worst hit, declining steeply by 17.6 per cent.
India was the world’s fastest-growing economy until last year, posting quarterly growth rates of as high of 9.4% in 2016.
In the April-October period, the central government exceeded its annual fiscal deficit target at 102.4% while it exhausted 112.5% of the revenue deficit target, according to data released by Controller General of Accounts.
According to reports, China’s GDP growth slowed to 6% in the September quarter, the weakest quarterly growth rate since 1992, down from 6.2% in the previous quarter.
The figures come at a time when finance minister Nirmala Sitharaman has accepted an economic slowdown in Parliament and claimed that it still can’t be termed as a recession. In the past few months, the Centre took a number of steps to reverse the slowdown, including a cut in the corporate tax rate.