New Delhi (CNN Business)India’s economic slump risks becoming a crisis, with growth plunging to levels not seen since Prime Minister Narendra Modi was elected in 2014 on a promise to turn the country into a global powerhouse.
Gross domestic product grew by just 5% in the three months to June, according to government data released Friday. That compares with growth of 8% in the same period last year. It was also a huge drop from growth of 5.8% recorded the previous quarter.
The data mean Asia’s third biggest economy is now growing at its slowest pace in over six years.
