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India loses world's fastest-growing economy title to China

Date: 03 June 2019 Tags: Miscellaneous
  • India lost its world's fastest-growing economy title to China after it registered 6.3% in January-March 2019 quarter as against 6.4growth recorded by China.
  • India had been ahead of China for two years. However, its economic growth rate slowed to 5.8% during fourth quarter of 2018-19 due to low agriculture and mining output along with subdued consumer demand. 
  • India's economic growth driven by domestic consumption. According to government data, economy has grown at its slowest pace in almost five years. The unemployment also reached 45-year-high in the financial year 2017-2018.