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The Finance Ministry has admitted that the economy ‘appears to have slowed down slightly in 2018-19’. Until now the government has been maintaining that there has been no economic slowdown. In fact, various agencies have also lowered the growth projection for the current fiscal (2019-20).
The Department of Economic Affairs’ monthly economic report for March, published on May 1, has listed reasons for the slowdown.
“The proximate factors responsible for this slowdown include declining growth of private consumption, tepid increase in fixed investment, and muted exports,” it said. On the supply side, it said, the challenge is to reverse the slowdown in growth of agriculture sector and sustain the growth in industry.
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