Data released on Friday showed India, which had been the world’s fastest expanding large economy, saw GDP growth slow to 4.5 per cent in Q3 2019, from 5 per cent in Q2 2019 and 8.1 per cent in Q1 2018. The Financial Times reports that the crisis in the shadow-banking sector has rippled through other areas of the economy and killed off the boom in consumer spending generated by easy credit. Government officials predict an improvement in economic conditions in Q4.
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