For April-June 2018, India reported 8 per centgrowth.

India's GDP or gross domestic product grew 5 per cent in quarter ended June 30, the slowest in more than six years, government data showed on Friday. That was below economists' expectations, and lower than 5.8 per cent in the previous quarter. A survey of economists by news agency Reuters had forecast GDP growth at 5.7 per cent in the June quarter. For April-June 2018, India reported 8 per cent growth. Analysts say that weak consumer demand and private investments are reasons behind the slowdown in the economy. The Reserve Bank of India earlier this month while cutting the repo rate by 35 basis points lowered real GDP or gross domestic product projection for the current year to 6.9 per cent, from 7 per cent.

Here are the live updates of GDP data released today:

Aug 30, 2019 18:29 (IST) Many credit ratings agencies had lowered their growth projections over the past few weeks. India Ratings cut its projection to a six-year low at 6.7 per cent in the current fiscal year from 7.3 per cent.

Aug 30, 2019 18:28 (IST) Growth in the agriculture sector declined to 2 per cent from 5.1 per cent in the year-ago period.

Aug 30, 2019 18:20 (IST) The growth numbers could prompt the Reserve Bank of India's monetary policy committee to cut interest rates by at least 25 basis points in October, according to Reuters. So far this year, it has cut the benchmark repo rate by 110 basis points.

Aug 30, 2019 18:19 (IST) "The government needs to address structural and cyclical issues to address the economic slowdown," said Devindra Pant, chief economist of India Ratings, an arm of Fitch Ratings, citing a slowdown in the sales of autos and construction and a dip in consumer demand.

Aug 30, 2019 18:19 (IST) Analysts expect India's economic slowdown could continue for the next two three years as the economy faces serious structural issues, hurting consumer demand and manufacturing, reported news agency Reuters.

Aug 30, 2019 18:17 (IST) Earlier in the day, governement announced a series of mergers involving 10 state-owned banks. The Punjab National Bank, Oriental Bank of Commerce and United Bank will merge to form the country's second largest public sector bank with a business of Rs. 17.95 lakh crore. Three more such mergers were announced.

Aug 30, 2019 17:59 (IST) GDP at Constant (2011-12) Prices in Q1 of 2019-20 is estimated at 35.85 lakh crore, as against 34.14 lakh crore in Q1 of 2018-19, showing a growth rate of 5.0 % pic.twitter.com/0TBAkuTwKO - ANI (@ANI) August 30, 2019

Aug 30, 2019 17:57 (IST) Meanwhile, the government's fiscal deficit touched Rs 5.47 lakh crore in the June quarter, which is 77.8 per cent of the budget estimate for 2019-20.

Aug 30, 2019 17:54 (IST) Estimates of gross domestic product for the First quarter (April-June)of 2019-20.



Details here: https://t.co/tS9pi2e2op - PIB India (@PIB_India) August 30, 2019



Aug 30, 2019 17:54 (IST) This is the fifth successive decline in the GDP growth rate. ( This is the fifth successive decline in the GDP growth rate. ( Read more

Aug 30, 2019 17:45 (IST) India's GDP or gross domestic product grew 5 per cent in quarter ended June 30, government data showed on Friday.

Aug 30, 2019 17:30 (IST) Speaking in the Mindmine Summit today, I had said that first quarter GDP is likely to be between 5.5% to 6%. This is on account of subdued government expenditure on account of elections and some reduction in demand. - Subhash Chandra Garg (@Subhashgarg1960) August 22, 2019

Aug 30, 2019 17:27 (IST) In a spate of announcements within a week, the government has eased foreign investment rules and encouraged banks to make loans cheaper to revive growth. ( In a spate of announcements within a week, the government has eased foreign investment rules and encouraged banks to make loans cheaper to revive growth. ( Read more

Aug 30, 2019 17:03 (IST) The slowing economy could mean businesses failing and hence a rise in non-performing assets (NPAs) of banks, according to news agency IANS. Among the factors pulling down growth are slowdown in consumption, delayed and uneven progress of monsoon, decline in manufacturing, inability of Insolvency and Bankruptcy Code (IBC) to resolve cases in a time-bound manner and rising global trade tension impacting exports.

Aug 30, 2019 16:50 (IST) The RBI lowered its outlook for the fiscal year 2019-2020 at its August meeting. It has cut a total of 110 basis points in the repo rate since February, which includes an unconventional cut of 35 basis points earlier this month to 5.40 per cent.

Aug 30, 2019 16:40 (IST) Fitch group firm India Ratings and Research has lowered its GDP growth forecast to six-year low at 6.7 per cent in the current fiscal as against 7.3 per cent projected earlier.