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Economy
Q1 GDP Growth Plunges To 4.4%
India's Gross Domestic Product (GDP) for the first quarter (April-June) of 2013-14, grew 4.4% over the corresponding quarter of previous year
 

Bitten by the slowdown bug, India’s macroeconomic indicators continue to get worsen with each passing day. The latest pointer is the GDP figures released on Friday that show a dismal growth of the economy in the first quarter of the current fiscal.

Figures released by Central Statistics Office indicate that India’s Gross Domestic Product (GDP) for the first quarter (April-June) of 2013-14, grew 4.4% over the corresponding quarter of previous year, the slowest pace in the last few years. The growth rate is much less that 4.7% which many analysts had expected, raising fears of downgrade of India’s credit rating.
Manufacturing and mining sectors were the worst hit with -1.2% and -2.8% decline. Financing, insurance, real estate and business services grew at 8.9% while community, social and personal services grew by 9.4%.
The slump in GDP comes at a time when India’s rupee is on a freefall. The rupee has lost almost 20% against the US dollar since the beginning of this year, raising impost bill and threatening to inflate the widening current account deficit (CAD).

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