The economy has failed to create enough jobs for the 1.2 million Indians who enter the labor market every month
MUMBAI: India's economic growth slowed to 5.0% for the fifth consecutive quarter in the April-June period, government figures showed on Friday with another blow to Prime Minister Narendra Modi. [1
It compares with growth of 5.8 percent over the last quarter and reached below the forecasts of 5.7 percent of analysts.
India has already lost its status as China's fastest growing major economy, with unemployment being the highest since the 1970s.
"Growth figures are lower than our projections and reflect a great economic slowdown," said Samer Narang, chief economist at the Bank of Baroda.
Narang said he hoped that the reform measures announced this month by Modi's newly elected government would give the economy
India relax foreign investment rules to boost economic growth  On Wednesday, the Indian cabinet reduced restrictions on foreign investment in four key sectors, including coal.
The government without cash also received $ 24 billion from the Central Bank of India.
Finance Minister Nirmal Sitharaman recently unveiled several measures to help the economy, including offering a $ 10 billion liquidity line and recovering an additional tax on equity sales that frightened foreign investors.
Prior to the announcement of the growth figures on Friday, Sitharaman announced the merger of 10 public sector banks into four in an attempt to stimulate lending.
The right-wing government of India won a landslide victory in the elections earlier in May, but it is in defense of economic governance.
While the economy regularly grew at around 7.0 percent of Maud I came to power in 2014, it failed to create enough jobs for the 1.2 million Indians who enter the labor market every month.
The Moody & # 39; s Rating Agency revised India's GDP growth forecast to 6.2% from a previous estimate of 6.8 cents for the 2019-20 financial year.