GDP figures today, analysts see growth at 4.7% in December quarter

29 Février, 2020, 02:00 | Auteur: Auguste Feret
  • Financial Minister Nirmala Sitharaman | PTI

According to data released by the National Statistical Office, the gross value added (GVA) growth in the manufacturing sector contracted 0.2 per cent in the third quarter from a 5.2 per cent expansion a year ago. Meanwhile, the Indian rupee has tumbled 60 paise to 72.21 (provisional) against the USA dollar.

HDBC Bank says the GDP in the third quarter will likely grow at 4.8 per cent. IDFC First Bank believes there'll be a slight improvement in the GDP growth at 4.6 per cent. CRISIL, however, forecasts Q3 GDP breaching the 5 per cent-mark.

India's GDP growth during 2019-20 has been estimated at 5 per cent as against 6.1 per cent in 2018-19.

The poll that news agency Reuters, economists conducted had expected a GDP growth rate of 4.7 percent in the October-December period.

Although the growth is in line with the expectations for the current fiscal year, analysts have noted that its effects will be muted due to the slowdown in global markets in view of fears resulting from the deadly coronavirus epidemic that has spread across three continents.

The growth in GDP during 2019-20 is estimated at 5.0% as compared to 6.1% in 2018-19. The Reserve Bank of India has also aggressively cut rates to support growth and has indicated its willingness to do more if needed.

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According to the estimates, farm sector grew at 3.5 percent compared to 4.3 percent in the previous quarter.

While the impact of coronavirus on global markets has anxious economists around the globe, no one is sure about how much damage it could cause to the global economy.

Prime Minister Narendra Modi's government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

The government will release the figures of GDP for the quarter ended December. Mining sector growth came in at 3.2 per cent, as against a contraction of 4.4 per cent a year ago. "As such, we expect the RBI to follow up with more LTROs in the coming quarters, possibly opting for a more targeted programme in the future", wrote Sonal Varma, Managing Director, and Chief India Economist at Nomura in a co-authored report with Aurodeep Nandi.

Meanwhile, the eight core industries recorded a 2.2% growth in output in January, helped by expansion in the production of coal, refinery products and electricity.

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