A barrage of rate cuts from the RBI this year has done nothing concrete so far to revive a slowing Indian economy.

The move is estimated to result in Rs 1.45 lakh crore in revenue loss for the government during FY2019-20.

The change in base year actually captures the change in structures of the economy.

Last time services activity contracted for two consecutive months was in August 2017 following the GST implementation.

Lack of consumption is seen as one of the key factors pulling down growth.

Tripura, Haryana fare badly, Tamil Nadu best in India.

The govt has taken a string of policy measures over the past couple of months to shore up the economy and revive credit.

India has jumped 14 places to rank 63rd in the World Bank's ease of doing business ranking index and the country aims to be within 50.

Industry bodies exuded confidence that India will climb the rankings further to be among the top 50 nations.

GDP expansion will pick up to 6.2 per cent in the next financial year (2020-21) and to 6.7 per cent in the year after.