Mumbai: Despite a slew of government measures aimed at reviving growth, the Indian economy continued its downward trajectory.
The Q2 GDP growth fell to its lowest in 6 years, eliciting sharp reactions from the Opposition and experts. What is more worrying is the fact that some experts said the worst may not be past us.
Former Finance Secretary Subhash Chandra Garg said in a tweet the goal of $5 trillion economy seems to be slipping away by at least one year.
Talking to IANS, former Chief Statistician of India, Pronab Sen said the manufacturing showing negative growth is certainly worrying.
"I don't think the growth has bottomed out, the growth figures may continue to decline the next quarter too, however, post fourth quarter may show some recovery owing to the base effect," Sen said.
On the divergence seen in the stocks markets, currently around record levels, Sen said: "It is essentially in reaction to the corporate tax cut".
