Indian economy slumps to 7-year low, GDP growth slows to 5%

The Central Statistics Office (CSO) released India’s economic growth figures for the April-June quarter of FY20 on Friday.

The growth slowed down to 5 per cent in the first quarter of the ongoing fiscal year.

Earlier, the RBI had projected India’s GDP growth for FY20 at 6.9 per cent, in the range of 5.8-6.6 per cent for the first half and 7.3-7.5 per cent for the second half of FY20.

Reuters poll also had projected the Q1FY20 GDP growth rate to be at 5.7 per cent on-year, the slowest pace in five years.

Meanwhile, the economy is seeing a downturn for sometime now, as demand remains subdued. The government announced a slew of measures last week to boost demand in the economy.