India’s GDP (gross domestic product) growth for the January-March (Q4) quarter slowed to 5.8 per cent from 6.6 per cent in the previous (October-December) quarter, government data showed on Friday.
This is the slowest GDP growth rate in five years, due to poor performance in agricultural and manufacturing sectors. The previous low was 6.4 per cent in 2013-14.
Meanwhile, India’s unemployment rate rose to 6.1% in 2017/18 fiscal year, according to data released by the statistics ministry.
The announcement of GDP figures meant that India lost its place as the world’s fastest-growing major economy to China, which is currently on 6.4 percent growth.
The data released by the labour ministry, on a day when Modi 2.0 Cabinet took charge, showed 7.8 per cent of all employable urban youth being jobless, while the percentage for the rural was 5.3 per cent.