Economic Affairs Secretary Subhash Chandra Garg attributes Q4 GDP slowdown at 5.8 percent to NBFC crisis

By: |
Published: May 31, 2019 9:06:50 PM

Subhash Chandra Garg, who also holds the charge as Finance Secretary, said that capital investment, including private investment, is expected to pick up.

Subhash Chandra Garg, Economic Affairs, Economic Affairs secretary, GDP slowdown, Q4 GDP slowdown, NBFC crisis, economic newsEconomic Affairs Secretary Subhash Chandra Garg. (PTI)

Economic Affairs Secretary Subhash Chandra Garg Friday said the slow down in India’s GDP in fourth quarter of the fiscal ended March 2019 was due to temporary factors, and it will pick up going forward. “Slow down in the fourth quarter (of 2018-19) GDP was due to temporary factors like stress in NBFC sector affecting consumption finance. First quarter of current fiscal (2019-20) would also witness relatively slow growth and from second quarter onward it will pick up,” Garg told reporters here.

Garg, who also holds the charge as Finance Secretary, said that capital investment, including private investment, is expected to pick up. Data from Central Statistics Office (CSO) showed that India’s economic growth rate slowed to five-year low of 5.8 per cent during January-March quarter of 2018-19. The growth rate of the economy has weakened mainly due to poor performance in the farm sector as well as in the manufacturing sector.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Finance ministry tells other ministries, don’t spend money on new schemes, save money to fight coronavirus
2Punjab liquor contractors’ license obligation gets cheaper as drinks for consumers get costlier
3RBI survey: Consumer confidence hits six-year low; pessimism looms over jobs, income amid COVID-19