News of relief for Modi government, GDP in third quarter @ 4.7 percent

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News of relief for Modi government, GDP in third quarter @ 4.7 percent

The government has presented the GDP figures for the third quarter of the current financial year i.e. October to December. GDP has increased in the third quarter to 4.7 percent, compared to 4.5 percent in the second quarter. The core sector recorded a growth rate of 2.2 in the month of January. The figure was 2.1 percent in December. The growth rate of eight basic industries was 2.2 percent in January as against 1.5 percent in the same month a year ago.

Experts say that the data shows that the days of recovery in the Indian economy are returning, that is, the demand in Indian markets is gradually increasing after 6 consecutive quarterly decline. In this regard, it is being told that the way the relief package has been announced for different sectors by the Finance Ministry, it seems to be benefiting. However, much more remains to be done to improve the economy.

Experts say that this data is coming at a time when the corona virus is affected in different countries of the world and China is the most affected. In the midst of global slowdown, Corona has increased that sluggishness and its impact cannot leave India’s economy untouched. It is being told that there is no significant positive change in the figures for the third quarter.

The Central Statistics Office and the World Bank have projected a GDP growth of only 5 per cent in FY 2019-20. Whereas in the Government’s Economic Survey, the GDP growth rate is estimated to be between 6-6.5% in FY 2020-21. Some agencies believe that the GDP growth rate for the December quarter could be at 4.4 per cent. If compared to the previous financial year, it will decline. With this, Yes Bank and Kotak Bank estimate that the GDP growth rate will remain at 4.5 per cent in the December quarter.

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