The government has pegged the economic growth rate for 2019-20 at 5 percent, lower than the 2018-19 expansion rate of 6.8 percent.
The Central Statistics Office (CSO) put the advance estimate for FY20 real GDP growth at 5 percent, same as that of India's central bank. The Reserve Bank of India had in the December policy meet revised downwards to 5 percent its GDP outlook for 2019-20.
At 5 percent, the growth will be at an 11-year low. India's GDP—the total value of goods and services produced in the country—slumped to over a six-year low of 5 percent in the April-June quarter and 4.5 percent in the next quarter.
The numbers don’t come as a surprise as the signs of weakness in the economy have been clear enough for the last many quarters.