Indian Economy 2019

India's real GDP growth, however, it said is expected to weaken for the third straight year from 7.5 per cent to 5 per cent

The signals for the economy are not positive: overall demand is yet to pick up; the share of total exports in India's GDP is declining, and industrial output pattern remains worrying

It can be noted that many analysts have been calling for urgent reforms in the factor markets, especially regarding land and labour, to get the economy out of the trough

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Cumulative growth have been nil in FY20 due to contractions in previous months

The report further said India is also set to reach a gross domestic product (GDP) of $5 trillion by 2026, 2 years later than the government's target

On the profitability front, public sector banks profitability ratios were muted because of weak credit growth as well as slow resolution of bad assets.

The economy is but a footnote even though it produced news that would have in other times become headlines

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Says Article 370, Ram Janmabhoomi and Citizenship Amendment Act were challenges bequeathed as a legacy of the past, with no effort on the part of previous regimes to resolve them

The biggest economic story of this decade is clearly GST, whose receipts have fallen way short of target, creating ripples in Central and state finances

India Inc is passing on the benefits of tax cuts to consumers

The rating agency sees moderate fiscal slippage, retains sovereign rating and outlook

The reason for the current slowdown is high real rates in the past, and delay in recapitalisation of banks, among others

For the deficit to be 3.3 per cent of GDP, it assumes a nominal GDP growth of 12 per cent in FY20

Companies also ensuring visibility on digital and TV

Subbarao pointed out that the nominal GDP growth has fallen to as low as 6.1%

A fall in consumption, lack of private investments and sluggish exports are being blamed for a slower GDP growth

Responding to a question, Gopinath said India's medium-term vision to reach a USD 5-trillion economy which focuses on boosting investment is appropriate.