India's economy likely to grow at healthy 7%, gov't says

NEW DELHI — India's government says the economy is expected to grow at 7% in 2019-20, up from a five-year low of 6.8% in the past year.

Finance Minister Nirmala Sitharaman presents the economic report in Parliament on Thursday, a day before unveiling the annual federal budget. India's financial year runs April-March.

Economic growth slowed to a five-year low of 5.8% in the January-March quarter with consumer spending and corporate investment faltering. Declining industrial output and automobile sales also raised fears of a deeper slowdown.

The ministry attributed the slowdown to national elections and said higher economic growth is likely, with oil prices expected to decline in coming months.

Prime Minister Narendra Modi is facing strong pressure to help keep growth robust and create jobs for India's 1.3 billion people

You may also like these

Aid groups warn of crisis as Mongolia hit by...

Dec 21, 2016

Another unusually harsh winter in Mongolia that's decimating livestock and sending temperatures to...

Global markets mixed after Wall Street loss

Dec 23, 2016

Asian markets are mostly lower while Europe has gained in early trading ahead of the Christmas...

McDonald's sells China business in deal worth up...

Jan 9, 2017

Fast-food giant McDonald's is selling a controlling stake in its China business to a group of...

China pledges further cuts in excess steel, coal...

Jan 10, 2017

China's top economic planner has pledged to continue cutting steel and coal production, which have...

A look at how Trump might shake things up in Asia

Jan 16, 2017

Donald Trump has offered views on U.S. relations with Asia that could indicate radical shifts in...

Sign up now!

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales[at]thefinancialcapital.com