India lost its spot as the fastest growing major economy to China, clocking a disappointing 5.8% in the January-March quarter as a chill in domestic and global consumer demand hit manufacturers and service providers.The sub-6 percent growth of Q4 is the slowest in five years.It was also the slowest in 17 quarters, falling behind China’s pace for the first time in nearly two years.The slowdown puts pressure on PM Narendra Modi’s government and the RBI to provide stimulus for the economy through fiscal measures and interest rate cuts. The statistics ministry downwardly revised economic growth for the fiscal year to March 31, 2019 to 6.8% from 7.0% estimated earlier.The economy had grown 6.6% in the third quarter, 7.1% in second and 8.2% in the first quarter.The Q4 GVA was at 5.7 per cent. Weaker domestic consumption, waning global growth and an escalating U.S.-China trade war are key factors behind the sub-7 percent growth. Growth has fallen below China for the first time.The country has underperformed in the manufacturing sector though emerging as the world’s sixth biggest auto manufacturer, and expanding production of smart phones.A survey by Ficci has put forth an annual median GDP growth forecast for 2019-20 at 7.1 per cent and the projection for fiscal 2020-21 has been put at 7.2 per cent. Narendra Modi picked Nirmala Sitharaman as the person to steer India’s next course of reforms. The former defence minister inherits a fractured economy and is probably staring at a slowdown which could be the worst in five years. In the first bi-monthly policy of RBI, GDP growth for 2019-20 is projected at 7.2 per cent – in the range of 6.8-7.1 per cent in H1:2019-20 and 7.3-7.4 per cent in H2 – with risks evenly balanced.