India no longer world's fastest growing economy

New Delhi: India's economy has grown at its slowest rate in five years, according to data released by the country's government.

The economy grew by 6.8 per cent in the last financial year, with the GDP growing at 5.8 per cent from the quarter of January-March.

With India's economic growth rate falling behind China, the country is no longer the world's fastest-growing economy.

Speaking to a local news agency, Indian Economic Affairs Secretary S C Garg said the slowdown was due to temporary factors like stress in the non-banking financial company segment.

Nirmala Sitharaman, who was appointed the Minister of Finance under Narendra Modi's second term, is the second woman to hold the portfolio in India and will face the challenge of reversing India's economic slowdown.

Additionally, more bad news came from the country's labour ministry, which announced that umemloyment in the country reached a 45-year-high in the financial year 2017-2018.