Experts disappointed at slower-than-expected growth of economy
New Delhi, Sep 01 (ANI): Economic experts expressed disappointment as government figures showed that Gross Domestic Product (GDP) of the country grew at a slower-than-expected 7 percent annual rate in April-June quarter. This growth rate is slower than provisional growth of 7.5 percent in the previous quarter. Market Expert Rakesh Bansal said that the market was likely to react negatively to this data on Tuesday. Economist Akash Jindal said that clearing of crucial bills like the Goods and Services Tax bill and lowering the rate of interest by at least 50 basis points could boost the GDP. While India matched growth in China, the loss of momentum comes just as Modi's image as the country's economic saviour starts to fade 15 months after his historic electoral triumph. The Reserve Bank of India has cut the policy repo rate 75 basis points since January. But it left the rate on hold at its last policy review early this month.
