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Tags: AS | India | Slowing Economy

India's Economy Slows, Stalling Once Thriving Manufacturing

Monday, 16 September 2019 02:38 AM

NEW DELHI (AP) — India's economy, once one of the fastest growing in the world, is braking in a blow to labor-intensive manufacturing.

Growth slipped to 5% in the April-June quarter, the slowest pace in six years. Many economists believe Prime Minister Narendra Modi's signature economic policies are at least partly to blame.

A surprise demonetization in 2016 and the hasty rollout of a new goods and services tax have hit manufacturing hard.

Especially the auto industry, the fourth largest in the world, a pillar of the Indian economy that alone contributes 7.5% to the country's GDP and employs almost 37 million people.

The Auto Component Manufacturers Association of India says car makers are likely to shed as many as a million jobs in the months ahead because of declining sales.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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India's economy, once one of the fastest growing in the world, is braking in a blow to labor-intensive manufacturing.Growth slipped to 5% in the April-June quarter, the slowest pace in six years. Many economists believe Prime Minister Narendra Modi's signature economic...
AS,India,Slowing Economy
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2019-38-16
Monday, 16 September 2019 02:38 AM
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