After Finance Minister Nirmala Sitharaman's announcement on big bang bank mergers, the GDP numbers released by the govt were dismal. According to data released by the Central Statistics Office, India’s growth slowed down to 5% in the first quarter of the current fiscal vs 5.8% in the previous quarter. The decelaration in private consumption and sluggish demand is being largely attributed for the slowdown. The manufacturing sector grew at just 0.6% while the Agriculture, Forestry and Fishing sector grew at 2% QoQ. The Mining and Quarrying sector clocked a growth of 2.7% while the Construction sector grew at 5.7% QoQ. The Financial & real estate growth at 5.9% QoQ.