India’s annual growth slows to 5pc as New Delhi vows revival

MUMBAI: India’s economy grew five per cent last year, its slowest expansion since the 2008 global financial crisis, official data showed Friday, underlining the challenges facing Prime Minister Narendra Modi’s government. But New Delhi said it expected a recovery this year, pegging growth at 6.0 to 6.5 per cent for the financial year 2020-21, as officials published an annual Economic Survey ahead of the full budget which will be released on Saturday.
“Weak global growth impacting India as well as investment slowdown due to financial sector issues had led to growth dropping to a decade-low in current fiscal,” the report said.
At 5 per cent annual growth was sharply below the 7 per cent forecast in the survey a year earlier and the slowest increase since 2008, when the economy expanded by just 3.8 per cent. Asia’s third-largest economy is facing strong headwinds with a contraction in investments and manufacturing, and growth for the September-ended quarter coming in at 4.5 per cent, the lowest in six years. — AFP