New Delhi: India's annual growth in Gross Domestic Product (GDP) dropped to its lowest in 6 years as it settled at 4.5 percent in the September quarter of financial year 2019-20. India's GDP stood at 5 percent in the previous quarter and at 7 percent in the corresponding period of the last year. The figure for Q2 FY2019-20 is even lower than what was predicted by a poll conducted by Reuters — 4.7 percent.
Over the last three months, the Narendra Modi government had announced a slew of measures to boost the economy and bolster growth, including a big cut in corporate tax in September. However, the booster shots announced by the BJP government seem to have failed at lifting the spirits of the economy. Indian stock markets have been on a record-breaking rally this month, hoping for an economic recovery over the next few quarters.
The GDP numbers come just days after Finance Minister Nirmala Sitharaman said in a parliamentary debate that the economy faced a "slowdown" but no "recession." On November 28, she had sought the Parliament's nod to spend an additional Rs 21,000 crores in this financial year.
Experts believe that with the GDP figures at a six-year low, the Reserve Bank of India will cut its repo rate for the sixth time in a row, by 25 basis points, to 4.90 percent at its December 3-5 meeting.
Separately, India's infrastructure output slumped to 5.8 percent in October for the second consecutive month from a year earlier, lowest since April 2012, data released on Friday showed. In the April-October period, output grew 0.2 percent when compared to the year-ago period.
Government also showed that India's fiscal deficit in the first seven months of the current fiscal through October stood at Rs 7.2 lakh crore, or 102.4 percent of the budgeted target for the current fiscal.
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Net tax receipts for the seven-month period stood at Rs 6.83 lakh crore, while total expenditure was Rs 16.55 lakh crores.