India’s Gross domestic product rose by 5 percent in the first quarter of 2019-20 compared to 5.8 percent in the previous quarter, according to the Central Statistics Office. In gross value added terms, the economy grew at 4.9 percent in the April-June period, compared to 5.7 percent last quarter. It is the first time since 2013 when India has had two quarters with less than 6% GDP growth.
The NY Times reports that early economic indicator statistics used by Alan Greenspan look terrible. Greenspan would often look at sales of men’s underwear as a guide to where an economy was headed. India’s mend’s underwear sales are down 50 percent. Cars sales are down 32 percent.
SOURCES- Bloomberg Quint, NY Times
Written By Brian Wang, Nextbigfuture.com
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