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India's GDP growth seen at 11-year low in fiscal 2019-20


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India's GDP growth seen at 11-year low in fiscal 2019-20

The Indian economy is projected to grow 5.0% in fiscal year 2019-20 as the government prepares to unveil its annual budget in February, data from the country's Ministry of Statistics showed.

Growth in the manufacturing sector is estimated at 2.0% while that in construction is forecast at 3.2%.

The estimated 5.0% annual growth rate for the current fiscal year follows a 6.8% expansion in the 2018-19 period. It also marks the slowest growth since 2008-09 when the rate was at 3.1%, according to Reuters.

The latest estimates come after Finance Minister Nirmala Sitharaman rolled out a $1.4 trillion infrastructure spending plan last week and amid expectations for a fresh economic stimulus package, the report said.