India's GDP grows at 4.7 per cent in 2019-20 October-December quarter

India registered an economic growth rate of 4.7 per cent in the October-December quarter (Q3) of financial year 2019-2020, according to the data released by the government on Friday (February 28, 2020). In the second quarter of the 2019-2020 finacial year India's Gross Domestic Product (GDP) growth rate was 5.5 per cent.

India registered an economic growth rate of 4.7 per cent in the October-December quarter (Q3) of financial year 2019-2020, which is 0.4 per cent less than the rate recorded in the July-September quarter (Q2), according to the data released by the National Statistical Office (NSO) on Friday (February 28, 2020). Earlier, in the second quarter of the 2019-2020 financial year, India's Gross Domestic Product (GDP) growth rate was estimated at 4.5 per cent which was corrected to 5.1 in the data released on Friday.

According to the data, the GDP at Constant (2011-12) Prices in 2019-20 October-December quarter (Q3) is estimated at Rs 36.65 lakh crore compared to Rs 35.00 lakh crore in October-December (Q3) of the financial year 2018-19. Commenting on the GDP numbers, Economic Affairs Secretary Atanu Chakraborty claimed that India's growth decline had bottomed out.

However, the 2019-2020 Q3 GDP growth rate is 0.9 per cent lower than the figures a year ago (Q3 of the financial year 2018-2019) when Indian economy had grown by 5.6 per cent.

In the first nine months of the current financial year (April-December 2019), the Indian economy saw a growth of 5.1 per cent as against 6.3 per cent in the same period of the 2018-19 financial year. The GDP growth rate for the first quarter of 2019-20 was also revised to 5.6 per cent, while it is 5.1 per cent for the second quarter.

The NSO has pegged economic growth at 5 per cent in 2019-20 in its second advance estimates released on Friday, the same as its estimates in January 2020.

The Reserve Bank had also estimated 5 per cent GDP growth for 2019-20. China's economic growth was 6 per cent in October-December 2019, which was the weakest expansion in over 27 years. China's economic growth was 6.1 per cent in 2019 (calendar year), the slowest in about three decades.