India's GDP Growth Improves Marginally To 4.7% In Oct-Dec Quarter After 6-Year Low

According to reports, the GDP at Constant (2011-12) Prices in third quarter of 2019-20 is estimated at Rs 36.65 lakh crore, as against Rs 35.00 lakh crore in the same quarter last year, showing a growth of 4.7 per cent.

In the July-September quarter, India's GDP tanked to over six-year low of 4.5 per cent. (Representative Image/ Getty)

New Delhi: The Domestic Growth Product (GDP) growth rose marginally to 4.7 per cent in October-December quarter after slipping to a six-year low in the previous quarter, according to an official data released by National Statistical Organisation (NSO) on Friday. According to reports, the GDP at Constant (2011-12) Prices in third quarter of 2019-20 is estimated at Rs 36.65 lakh crore, as against Rs 35.00 lakh crore in the same quarter last year, showing a growth of 4.7 per cent.

#BREAKING | As per govt data, GDP growth picks up to 4.7% in October-December from 4.5% in previous quarter.

WATCH LIVE: https://t.co/PQbT45sMtv — ABP News (@ABPNews) February 28, 2020

NSO has also released its second advance estimates of GDP for 2019-20. In the July-September quarter, India's GDP tanked to over six-year low of 4.5 per cent, on the backdrop of slump in manufacturing output and subdued activity in the agricultural sector. However, it is also noteworthy that GDP growth was registered at 5.6 per cent in the corresponding quarter of 2018-19. During the nine-month period (April-December 2019), the Indian economy grew 5.1 per cent as against 6.3 per cent in the same period a year ago. The GDP growth rate for the first quarter of 2019-20 was revised to 5.6 per cent, and for the second quarter to 5.1 per cent. 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 last month. 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. ALSO WATCH | Coronavirus Jitters: Bloodbath On D-Streets As Sensex Crashes 1,448 Points According to Controller General of Accounts (CGA), India's fiscal deficit touched 128.5 per cent of the whole year budget target at January-end. The deficit during the same period during 2018-19 was 121.5 per cent of that year's Revised Budget Estimate (RE). In actual terms, the fiscal deficit or gap between the expenditure and revenue stood at Rs 9,85,472 crore. The government had targeted to restrict the fiscal deficit at Rs 7,66,846 crore during the year ending March 31, 2020. While presenting the Union Budget to Parliament earlier this month, Finance Minister Nirmalal Sitharaman had raised fiscal deficit target to 3.8 per cent of the GDP from 3.3 per cent pegged earlier for 2019-20 due to revenue shortage. ALSO READ | Rs 5 Lakh Cr Gets Wiped Out In 5 Minutes: 5 Things To Know About The Stock Market Crash As per the CGA data on monthly accounts, revenue receipts during April-January were at Rs 12.5 lakh crore or 67.6 per cent of the RE for 2019-20. This compares with 68.3 per cent of the RE in the previous fiscal. Total receipts were at 66.4 per cent of RE as against 67.5 per cent in the year-ago period. The CGA further said that total expenditure at January-end was Rs 22.68 lakh crore or 84.1 per cent of RE, higher than 81.5 per cent in the corresponding period of the last fiscal. (With inputs from PTI)