Mahindra Group chairman Anand Mahindra had lauded the corporate tax rate cut with a tweet saying Finance Minister Nirmala Sitharaman had "fired a shot that will be heard around the world".
And ministers dozed off in their seats", he said."Redefining GDP: "Gross Domestic Pain", the TMC leader tweeted along with a picture of charts showing GDP from 2012-13 to 2019-20.The economic growth slowed to 4.5 per cent in the July to September quarter from 7.1 per cent in the corresponding period of previous year, the government data showed on Friday.The economy had a weak performance last quarter with the GDP growth rate dropping to 5 per cent.The slowdown in Q2 FY20 was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement.The weak GDP growth in Q2 was also caused by grim industrial output data which contracted 0.4 per cent during the quarter against 3 per cent expansion in the preceding three months. It stood at five percent in the previous three months (April-June).
He said the GDP growth has now plunged to a historic low of 4.5 per cent in quarter two. According to the data, the economic growth rate has been most affected by the performance of agriculture and manufacturing sector.
The key issue behind the GDP fall was a droop within the manufacturing sector by one per cent. Nearly the same situation has also happened in the construction sector. Whereas in the same period of past year, the sector achieved growth at the rate of 8.7 percent.
In the current GDP series, the lowest growth rate recorded was 4.3 percent in the fourth quarter of FY13.
However, Delhi expects growth to recover as consumption and investments pick up.
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Three armed police officers surrounded him. "Then police ran over with guns, screaming", before shooting the man, Griffiths added. Metropolitan Police Chief Cressida Dick echoed Johnson and Khan's sentiments in an interview near London Bridge Saturday morning.
Voicing a similar view, Chief Economic Adviser in the Ministry of Finance K. Subramanian said, "Chief economic fundamentals remain strong".
While most people look at the real GDP growth (net of inflation) number, for policymakers in North Block and central bank officers, the nominal growth numbers are crucial since that is the base to calculate the fiscal deficit.
"The economic slowdown has bottomed out in the September quarter", said N R Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based government think tank.
India's economy probably expanded at its weakest pace in more than six years in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports.
Core infrastructure industries' output declined 5.8% in October, the biggest contraction since at least 2005, data released separately showed Friday.
"Even in the past year of UPA i.e 2013-14, GDP growth rate was 6.39 per cent. Let the nation compare it with the BJP government's estimation of economy emanating from bankruptcy of economic vision", he said.