Economy grew 4.7% in Dec quarter; slight improvement from Q2

The economic growth grew by 4.7% in the October to December quarter (Q3 FY20) from 4.5% in the corresponding period of last year, government data showed on Friday.

“The GDP at constant (2011-12) prices in Q3 of 2019-20 is estimated at Rs 36.65 lakh crore as against Rs 35 lakh crore in Q3 of 2018-19, showing a growth of 4.7 per cent,” said the Ministry of Statistics and Programme Implementation in a statement.

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The data also showed that projections for economic growth in the full financial year 2019-20 had been retained at 5% in the second advance estimates. In 2018-19, the GDP growth stood at 6.8%.

The per capita income in real terms (at 2011-12 prices) during 2019-20 is estimated to attain a level of Rs 95,706 as compared to Rs 92,085 in 2018-19, giving a growth of 3.9% during 2019-20 as against 4.8% in the previous year.

The per capita income at current prices during 2019-20 is estimated to be Rs 134,432, showing a rise of 6.3% as compared to Rs 1,26,521 during 2018-19.

However, the lingering weakness in economy comes with a glimmer of improvement but against the backdrop of coronavirus outbreak which is likely to have a significant impact on global trade, production and growth.

This is despite the slew of measures announced by the government over the past few months to help revive growth. Finance Minister Nirmala Sitharaman has said some signs of green shoots are visible in the economy.

She has also consistently said that fundamentals of the economy remain strong and the government is not against additional steps to support it.

But several economists say the Indian economy will remain under strain due to coronavirus outbreak in China which has crippled the global supply chain.

This will have a major impact on several Indian industries, including electronics, consumer durable, automobile, pharma and apparel among others.

(With ANI Inputs)

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