gdp growth: Prime Minister Narendra Modi cannot perennially bask in his landslide reelection win, as his government is embroiled in a whirlpool of global trade protectionism and a grave domestic economic slump, according to Global Times China. Besieged by Washington's wide-ranging tariff hikes and a precipitous decline of domestic spending, Asia's third-largest economy grew just 4.5 percent in the July-September quarter this year, hitting a 26-quarter low. But the country is now headed into a strong headwind. GDP growth was 7.1 percent in the same period last year. Also, a persistent sales lull will lead to the redundant capacity of textile machines, coal mines, steel mills and information technology services, which are major industries in India and at the same time crucial revenue sources for New Delhi. Slower growth will cause trouble for Modi's government as people will grieve for lost jobs and shrinking wages.
(news.financializer.com). As
reported in the news.
Tagged under gdp growth, textile machines topics.