GDP growth falls to 6.8%, unemployment rate at 6.1%

GDP growth falls to 6.8%, unemployment rate at 6.1%


Economic growth rate in the country touched a five-year low of 5.8 per cent in the January-March quarter of 2018-19. The growth for the fiscal was 6.8 per cent, lower than 7.2 per cent in the previous year.

Unemployment rate was at a 45-year low at 6.1 pc in 2017-18 which matched the data leaked recently which does not sound well for Modi's 2.0 which took charge on Friday.

The drop in GDP growth has been attributed to poor performance in agriculture and manufacturing sectors, according to the data released by the Central Statistics Office (CSO) on Friday.

The GDP growth was also the lowest since 2014-15. The earlier low was 6.4 per cent in 2013-14. The fourth quarter growth was below China's 6.4 per cent.

On the unemployment front, the government admitted that joblessness was 6.1 per cent of the total labour force during 2017-18, the highest in 45 years.

The data showed that 7.8 per cent of employable urban youth were jobless, with the rural having 5.3 per cent. The joblessness among males was 6.2 per cent and 5.7 per cent in the case of females.