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Tags: India | Economy

India's Economic Growth Slips to 4.5%; Lowest in 6 Years

India's Economic Growth Slips to 4.5%; Lowest in 6 Years

Friday, 29 November 2019 08:39 AM

NEW DELHI (AP) — India’s economic growth slipped to 4.5%, its slowest pace in six years, in the July-September quarter, with the labor-intensive manufacturing sector contracting.

The Ministry of Statistics and Program Implementation said Friday that manufacturing output fell by 1% compared to 6.9% growth a year earlier. It said consumer demand and private investment weakened and a global slowdown hit India’s exports.

The economy grew 5% in the April-June quarter.

Many economists believe Prime Minister Narendra Modi's demonetization of currency in 2016 and a hasty rollout of a goods and services tax inflicted blows to manufacturing, especially the auto sector.

According to the Auto Component Manufacturers Association of India, car deliveries in August dropped 41% from a year earlier while truck and bus sales fell 39%.

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 This material may not be published, broadcast, rewritten or redistributed.


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India's economic growth slipped to 4.5%, its slowest pace in six years, in the July-September quarter, with the labor-intensive manufacturing sector contracting.The Ministry of Statistics and Program Implementation said Friday that manufacturing output fell by 1% compared...
India,Economy
126
2019-39-29
Friday, 29 November 2019 08:39 AM
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