Rating agencies have predicted a further decline in GDP growth in the second quarter of 2019-20.
Though Finance Minister Nirmala Sitharaman announced various fiscal measures to boost the ailing economy, it hasn't revived the momentum in near-term demand and consumption.
With a 5 per cent expansion in Q1 in 2019-20, the country's GDP grew at its slowest annual pace since 2013.
It is expected that the Indian economy may now see a growth decline for the fifth quarter in a row.
Rating agency ICRA has predicted the growth rate to further decrease to 4.7 per cent in the second quarter due to lukewarm domestic demand and low investments.
Meanwhile, the State Bank of India (SBI) has revised down the Q2 growth to 4.2 per cent due to the automobile sector crisis, slow growth in the country's core sectors and decreasing investment in infrastructure.
Though the NDA government has launched initiatives such as PSB mergers, corporate tax cut, startup tax benefits etc., the results are still awaited.