GDP at 5-yr Low:5.8% quarter India loses Fastest-Growing tag Unemployment: 45-years high.The Tribune – VOICE OF THE PEOPLE
India lost its spot as the fastest-growing major economy to China, clocking a disappointing 5.8 percent in the January-march quarter, its slowest pace in five years, as a chill in domestic and global consumer demand hit manufacturers and service provider and the farm sector.
In more bad for a new government on day 1, the central statics office(CSO) released a worrisome set of data on the unemployment rate for 2017-18, confirming the pre-election leaked report’s claim of joblessness at 45 years high of 6.1 per cent.
The previous low was 6.4 percent the economy had grown 6.6% in the third quarter, 7.1%in second and 8.2% in the first quarter.
On the job data, chief statistician Pravin Srivastava emphasized that the latest labour survey cannot be compared with the previous ones and said he did.’t want to “claim that it is 45-year low or high as it is a different matrix
The Growth of the eight core sector industries during April to witness a slowdown. the expansion was at the rate of 2.6 percent. these industries contribute about 40 years per cent to the overall factory out-put of the country.
There was, however, some relief on the front of government finances as the fiscal deficit for 2018-19 remains within the revised Budget target of 3.4 percent of GDP. Economic Affairs secretary SC Garg said the slowdown was due to temporary factors such as stress in NBFC Segments.