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- According to data released by the Central Statistics Office (CSO),India’s Gross Domestic Product(GDP) growth for April-June 2019 has declined to a six year low of 5%.
- The slowdown in growth has been attributed to (a)sharp deceleration in the manufacturing sector (b)low agriculture output (c)low consumption demand and (d)decreased private investment.
- Recently,the annual report of the RBI has also said that the economic slowdown could be cyclical in nature rather than a deep structural one.
- The report has also said that a broad-based cyclical downturn is underway in several sectors such as manufacturing, trade, hotels, transport, communication and broadcasting, construction and agriculture.
- Besides,the government had also came out with several measures to tackle the slowdown which includes (a)reduction of taxes (b) improvement of liquidity in the banking sector (c)increased government spending on auto and infrastructure and (d)accelerated refunds of goods and services tax(GST).
