Record industrial slump to restrict GDP growth to 5% this year

NSO sees investment growth at 0.97%, lowest in 15 years

India is set to clock economic growth of 5 per cent in the current fiscal year, sharply down from last year’s achievement of 6.8 per cent, showed the data released by the National Statistical Office (NSO), on Tuesday. 

This will be the lowest pace of growth since 2008-09 (FY09), the year of the global financial crisis. The estimate is, however, in line with the Reserve Bank of India’s (RBI) projection for the year. 

Importantly, manufacturing is expected to grow at 2 per cent in FY20, the lowest since at least FY06, and would make the current industrial slowdown the worst