As the economy slumped, GDP fell to 4.5% in the second quarter

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New delhi date. 29 November 2019, Friday

As the Indian economy is going through a period of sluggishness, the economy is experiencing another setback. India's growth rate declined in the second quarter of the current financial year. Now the GDP figure has reached 4.5%, the largest decline in any one quarter in about 7 years. For the first quarter of March 2013, the country's GDP rate was at this level.

The GDP rate for the first quarter of the current financial year was 5%. Within just 3 months, the GDP rate has dropped by 0.5%. GDP dropped to 5% in the first quarter of fiscal year 2020. GDP figures dropped for the sixth consecutive quarter in September. Growth rate was 8% in the first quarter of 2019, 7% in the second quarter, 6.6% in the third quarter and 5.8% in the fourth quarter.

Meanwhile, core industry figures have also been released. According to the latest government figures, the core sector has declined 5.8% compared to a year ago. It is noteworthy that the eight major sectors of the core sector are coal, crude, oil, natural gas, refinery products, fertilizers, steel, cement and electricity.

The government has also been shocked by the financial loss front. During the current financial year, the fiscal deficit was 7.2 trillion rupees more than the target for 7 months. During April-October period, the government received revenue of Rs 6.83 trillion while expenditure stood at Rs 16.55 trillion.

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