India’s GDP Grows at 4.7%, Up From 4.5% in Previous Quarter

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India's Gross Domestic Project (GDP) grew 4.7 percent in the third quarter (October-December) of 2019-2020, according to government data released on Friday, 28 February.

GDP growth in the previous quarter was at over six-year low of 4.5 percent.

However, India’s economic growth slowed in the third of 2019, compared to corresponding quarter of 2018-19, where GDP growth was registered at 5.6 percent, according to the National Statistical Office (NSO) data.

During the nine-month period (April-December 2019), the Indian economy grew 5.1 percent as against 6.3 percent in the same period a year ago, PTI reported.

The GDP growth rate for the first quarter of 2019-20 was revised to 5.6 percent, and for the second quarter to 5.1 percent.

Meanwhile, the government estimates the economic growth in the current financial year ending March to be at 5 percent, compared to 6.1 percent in 2018-19.

The Reserve Bank had also estimated 5 percent GDP growth for 2019-20.

Economic Affairs Secretary Atanu Chakraborty said that India's growth decline has bottomed out, PTI reported.

China's economic growth was 6 percent in October-December quarter in 2019, which was the weakest expansion in over 27 years. China's economic growth was 6.1 percent in 2019 (calendar year), the slowest in about three decades.

(With inputs from PTI.)