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Economy

India GDP growth sinks to 4.5% in September quarter

Dismal data comes as government denies prospect of recession

Demonstrators shout slogans during a protest, organised by a group of students, demanding jobs near Kolkata, India, Sept. 13.   © Reuters

NEW DELHI -- Indian economic growth slid below 5% in the July-September quarter, hitting a fresh low due to sluggish investment and weak consumer demand, while the Modi government asserted there is no risk of recession.

For the second quarter of the ongoing fiscal year ending March 2020, official data released on Friday showed that gross domestic product expanded just 4.5% on the year, further down from the six-year low of 5% recorded in the previous three months. While private consumption grew 5.1%, public and private investment expanded only 1.0%, hitting a nearly five-year low.

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