India's economy grew at its slowest pace in more than four years in the January-March period, falling behind China's pace for the first time in nearly two years and raising the prospect of fiscal stimulus and a rate cut.[NEW DELHI] India's economy grew at its slowest pace in more than four years in the January-March period, falling behind China's pace for the first time in nearly two years and raising the prospect of fiscal stimulus and a rate cut.
India's Finance Secretary, Subhash Chandra Garg, said the economy could grow"relatively slower" this quarter but would start turning around from the July-September quarter with favourable interest rates and an improvement in liquidity.Finance ministry sources say Nirmala Sitharaman, the country's new finance minister, could cut taxes in her first full-year budget on July 5 to boost demand.
Private investment in India grew 7.2 per cent in the March quarter, down from 8.4 per cent in the previous quarter. Capital investment growth slowed to 3.6 per cent from 10.6 per cent, government data showed. The farm sector contracted 0.1 per cent in the March quarter compared with 2.7 per cent growth in the previous quarter, while manufacturing grew 3.1 per cent, slower than 6.7 per cent in the previous quarter.
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