NEW DELHI – India’s economic growth rate slowed to a six-year low of 5% inthe April-June 2019, a drop of 0.8% compared to the last quarter that endedin March, according to government data released on Friday.
According to the National Statistical Office (NSO), the financial year2018-19 ended with an overall Gross Domestic Product (GDP) growth rate of6.8%, which was marginally lower compared to the year before.
“The gross value added (GVA) growth in the manufacturing sector tumbled to0.6 per cent in the first quarter of this fiscal from 12.1 per centexpansion a year ago,” according to Press Trust of India (PIT) news agency.
“Similarly, farm sector GVA growth remained subdued at 2 per cent ascompared to 5.1 per cent in the corresponding period of the previousfiscal. Construction sector GVA growth too slowed to 5.7 per cent from 9.6per cent earlier. However, mining sector growth climbed to 2.7 per centfrom 0.4 per cent a year ago,” the news agency said citing governmentfigures.
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Earlier on Friday, the government also announced four mega merger ofstate-run banks. -AA
