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LATEST NEWS UPDATES | GDP shocker: India's position slips among world's fastest growing economies -Dipu Rai

GDP shocker: India's position slips among world's fastest growing economies -Dipu Rai

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published Published on Sep 5, 2019   modified Modified on Sep 5, 2019
-IndiaToday.in

Data shows that consumption and investment demand are declining. Private final consumption expenditure grew by only 3.1 per cent (a 4.5-year low), while fixed capital formation grew by four per cent, 0.4 per cent less than the last quarter of the financial year 2019.

Gross Domestic Product or GDP is a tool to measure and compare how good or bad countries are doing economically. Recent data of the first quarter of this financial year shows that India is lagging behind countries such as Vietnam and Indonesia.

Data shows that consumption and investment demand are declining. Private final consumption expenditure grew by only 3.1 per cent (a 4.5-year low), while fixed capital formation grew by four per cent, 0.4 per cent less than the last quarter of the financial year 2019.

Only government expenditure provided support to growth and increased 8.8 per cent. The collapse of private consumption demand from 10.6 per cent in 4QFY18 to 3.1 per cent in 1QFY20 is a real cause of concern for economists and policymakers.

Devendra Pant, chief economist, India Ratings and Research (Fitch Group) said, "Declining savings, especially household saving, is a major challenge for the economy and is leading to the structural growth slowdown. While the fiscal space to undertake counter-cyclical measures is very limited, we believe the government would undertake some measures to provide a short-term boost to the economy."

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IndiaToday.in, 2 September, 2019, https://www.indiatoday.in/diu/story/gdp-shocker-india-s-position-slips-among-world-s-fastest-growing-economies-1594565-2019-09-02?fbclid=IwAR1y5yGmmRrQ_m4---lzO_Su7Rl


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