India’s economy is having a difficult year.
The South Asian nation’s gross domestic product grew 5.7% in the quarter ended June, the government said Thursday. That’s a big drop from the quarter before and much slower than the 7.1% growth it recorded in the same period last year.
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The slowdown has ended India’s claim to be the world’s fastest-growing major economy and is being blamed on major reforms introduced by Prime Minister Narendra Modi: last year’s sudden ban on 86% of the country’s cash, and the recent introduction of a national goods and services tax (GST).
“There has been a hit to growth on the back of various disruptive changes,” said Anubhuti Sahay, head of South Asia research for Standard Chartered. “Initially it was [the cash ban], now the GST impact has just hit and it’s likely to persist for couple of quarters at least.”
CNNMoney (New Delhi) First published August 31, 2017: 8:29 AM ET