New Delhi: Much to the disappointment to the Modi government, the economic growth took a plunge to 4.5%, its slowest pace in more than six years in July-September period, official data showed on Friday.
The Gross Domestic Product (GDP) grew 4.5 per cent in the second quarter of current financial year compared with 5 per cent in the previous quarter, and 7 per cent in the July-September period of 2018.
The growth rate was worse than economists’ estimates.
The government, however has expressed confidence that economic growth will pick up soon.
Earlier over the period of time, it has announced a series of measures to stimulate the economy that includes cut in corporate tax, a mega merger plan for state-run banks etc.
In the discussion in Rajya Sasha on Wednesday, Finance Minister Nirmala Sitharaman this week acknowledged the slowdown in economy.