The Indian economy is facing multiple headwinds. Growth is slowing, unemployment is rising and the country’s shadow banking sector is in the midst of a severe liquidity crisis that has hit consumption.
Recently released data from the government revealed that the quarterly gross domestic product (GDP) growth rate slipped to a 20-quarter low of 5.8% in the first quarter of 2019, with a slowdown evident across several key sectors, including agriculture and manufacturing. India’s official statistics agency has reduced its full-year growth estimate for 2019 from 7% to 6.8%, the lowest in five years.
