New Delhi: Indias economy has witnessed a notable slowdown, with GDP growth in the April-June 2024 quarter dipping to its lowest in the past five quarters. According to the latest data, the nations GDP growth fell to 6.7%, marking a significant decline compared to previous periods.GDP growth hits five-quarter lowIndias economy, which had shown signs of steady recovery over the last few quarters, faced a downturn in the first quarter of the financial year 2024-25. The latest figures reveal that GDP growth has slipped to 6.7%, the weakest performance in five consecutive quarters. This slowdown raises concerns about the trajectory of the countrys economic recovery post-pandemic.What is leading to to the slowdownSeveral factors have contributed to this decline in GDP growth. These include rising inflationary pressures, global economic uncertainties, and domestic challenges such as weaker industrial output and a slowdown in consumption demand. The impact of these issues has resulted in slower growth across various sectors, including manufacturing, services, and agriculture.Comparing past performanceThis decline is in stark contrast to the growth seen in previous quarters, where Indias economy rebounded from the pandemic-induced downturn. In the last five quarters, GDP growth had remained strong, reflecting robust industrial activity and increasing consumer confidence. However, the 6.7% growth in the April-June 2024 period indicates a clear deceleration, sparking concerns among economists and policymakers.RBI expected to take measures for addressig this slowdownThe government and the Reserve Bank of India are expected to take measures to address this slowdown, including potential policy adjustments to boost industrial output and stimulate consumer demand. While the April-June 2024 quarter reflects a dip in momentum, experts believe that with targeted interventions, the economy can regain its growth trajectory in the upcoming quarters.Indias GDP growth for the April-June 2024 quarter has slumped to 6.7%, its lowest in five quarters. The decline underscores the challenges facing the economy, despite earlier signs of recovery. As policymakers work to address the underlying issues, there is hope for a rebound in the latter half of the financial year.
