India's economy loses momentum: slowest growth in recent years.
The Indian government has lowered its economic growth forecast for the financial year, stating that this will be the lowest figures since the pandemic.
According to the Ministry of Statistics, gross domestic product will grow by 6.4% by March, which is less than last year (8.2%). The forecast aligns with the average forecast of economists conducted by Bloomberg, but is slightly below the government's forecast of 6.5% made last month.
This data indicates a slowdown in India's world record growth, complicating Prime Minister Narendra Modi's goals for the country's development and creating jobs for youth. Consumers have rarely spent money this year due to declining wages and rising inflation, and the revenue of several largest retail chains in the country has decreased. Additionally, the government did not meet planned expenditures, partly due to prolonged elections, which further slowed growth.
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