Going further below than the downward revisions in growth made by domestic observers, economic growth slumped to the lowest under Modi 1.0 at 5.8 per cent in the fourth quarter of 2018-19. A previous such low was recorded in the December quarter of 2014-15, as Chart 1 shows.
The economy, which had picked up momentum to reach the peak of 8.2 per cent in 2016-17, slid to 6.8 per cent in FY19, following two years of slowdown. Thus, Modi 2.0 takes over in a situation very close to that when Modi 1.0 took over (Chart 2).
One of the biggest contributors to