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| India loses place as world's fastest-growing economy | India loses place as world's fastest-growing economy |
| (32 minutes later) | |
| India has lost its spot as the world's fastest-growing economy after it grew more slowly than expected in the first three months of 2019. | India has lost its spot as the world's fastest-growing economy after it grew more slowly than expected in the first three months of 2019. |
| Official data showed the economy grew 5.8%, which is slower than the 6.4% growth registered by China, and down from 6.6% in the previous quarter. | Official data showed the economy grew 5.8%, which is slower than the 6.4% growth registered by China, and down from 6.6% in the previous quarter. |
| It was the first set of figures since Narendra Modi secured a second election victory this month. | It was the first set of figures since Narendra Modi secured a second election victory this month. |
| During his first term, India became the world's fastest-growing economy. | During his first term, India became the world's fastest-growing economy. |
| But the latest figures, which show the slowest growth rate in 17 quarters, mean India's growth rate has fallen behind China for the first time in nearly two years. | |
| Economists had been expecting the economy to grow 6.3% in the first quarter. | Economists had been expecting the economy to grow 6.3% in the first quarter. |
| The figures will put pressure on Prime Minister Modi's government and the central bank to provide stimulus to the economy through fiscal measures. | The figures will put pressure on Prime Minister Modi's government and the central bank to provide stimulus to the economy through fiscal measures. |
| Unlike China, India's economic growth has been driven by domestic consumption over the last 15 years and the latest data showed weaker consumer demand. | Unlike China, India's economic growth has been driven by domestic consumption over the last 15 years and the latest data showed weaker consumer demand. |
| There was also a slower growth in investment, which fell to 3.6% from 10.6% in the previous quarter. | There was also a slower growth in investment, which fell to 3.6% from 10.6% in the previous quarter. |
| Finance secretary Subhash Chandra Garg said that the next quarter - the three months of April to June - could also be "relatively slower". | Finance secretary Subhash Chandra Garg said that the next quarter - the three months of April to June - could also be "relatively slower". |
| But, it should start to turnaround in the third quarter, he said. | But, it should start to turnaround in the third quarter, he said. |
| 'Jobs crisis' | 'Jobs crisis' |
| The Reserve Bank of India is now expected to cut interest rates next month. | The Reserve Bank of India is now expected to cut interest rates next month. |
| Unemployment data, that has been repeatedly delayed, was also issued on Friday and showed a rate of 6.1% in the 2017/18 fiscal year. | Unemployment data, that has been repeatedly delayed, was also issued on Friday and showed a rate of 6.1% in the 2017/18 fiscal year. |
| "It shows the jobs crisis is still there: there are not many new ones being created," said NR Bhanumurthy, a professor at the National Institute of Public Finance and Policy in New Delhi. | "It shows the jobs crisis is still there: there are not many new ones being created," said NR Bhanumurthy, a professor at the National Institute of Public Finance and Policy in New Delhi. |
| There has not been detailed official data on unemployment for several year and chief statistician Pravin Srivastava told reporters "it would be unfair to compare it with the past." | There has not been detailed official data on unemployment for several year and chief statistician Pravin Srivastava told reporters "it would be unfair to compare it with the past." |