GDP growth rate at 4.7% in October-December quarter

Mangalore Today News Network

Delhi, Feb 28, 2020: The GDP growth was recorded at 4.7% in October-December quarter, according to data released by National Statistical Organisation on Friday. The government has also revised the growth estimate for the previous July-September quarter from 4.5% to 5.1% as to Hindustan Times reported.

 

The Nikkei Manufacturing Purchasing Managers’ Index had earlier increased to 52.7 in December 2019, the highest since May 2019. Besides, a sum of nearly Rs one lakh crore was collected as Goods and Services Tax (GST) collections for the second consecutive month in December. Auto companies such as Maruti Suzuki also reported a rise in domestic car sales. Centre for Monitoring Indian Economy’s (CMIE) capex database showed that new investment announcements have posted a positive growth in the December quarter, the first since June 2018.

The RBI’s Monetary Policy Committee (MPC) in its December meeting had expected GDP growth to start a recovery in the second half of the current fiscal year. The MPC had projected GDP growth in the second half to be in the range of 4.9%-5.5% against 4.8% between April and September last year.