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GDP in India: Lowest in 9 Years

India’s economic growth slumped to its lowest level in nine years in the first three months of 2012, marking a dramatic slide in the fortunes of a country whose economy was boasting nearly double-digit growth before the global recession.

Not good news for India since for the first three months of 2012, they had to face economic growth slump which is considered to be one of the lowest level for about nine years. For the record, the company is doing great prior to the recession. But, with the recession that every country is facing, India had really experienced lost of fortunes.

According to Rajiv Kumar, the secretary-general of Federation of Indian Chambers of Commerce and Industry, a step should be made by the government in order to address this economic turmoil. This will surely lead to a more serious problem if not addressed well. This must be addressed at any cost.

Finance Minister Pranab Mukherjee puts the blame of this poor performance to the manufacturing sector. This is a signal to the government that there is a problem in the country and they need to look at it seriously. If no actions will be made the soonest possible time, it would surely be not good for the country.

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