New Delhi: The country's GDP growth rate in the October-December quarter has been 4.7%. In the last seven years this is the lowest. Earlier, the growth rate in January-March 2013 was 4.3%. According to the data, the growth rate fell due to a decrease in the manufacturing sector. The GDP growth rate was 5.6% in the same period of the previous fiscal.
The NSO has projected a growth rate of 5% during this financial year. This is in line with the Reserve Bank's estimate. The government says that the country's economy is now going out of slowness. The economy has grown at a pace of 5.1% during the first nine months of the current financial year, compared to 6.3% in the same period a year ago.
Growth rates rise over second quarter
The steps taken by the government and RBI have been seen in the third quarter. The country's GDP growth rate increased in the December quarter. The GDP growth rate has risen up to 4.7%, during this period. Earlier, the country's growth rate reached 4.5% during the September quarter, which was the lowest level in the previous year. The GDP growth rate was 5.1% during April-December 2019 as compared to 6.3% in the same period last year.
Manufacturing sector growth fell from 5.2% to 0.2%
According to data released by the NSO, the growth rate of the manufacturing sector fell to 0.2% during the quarter, which had increased at a rate of 5.2% in the year-ago period. The GVA growth rate in the farm sector stood at 3.5% as compared to 2% in the same period last fiscal. The growth rate of the construction sector fell to 0.3% compared to 6.6% in the same period last fiscal. Mining sector growth fell from 4.4% to 3.2%.
Increase in financial and real estate
Financial, real estate and professional services grew in growth rates. The growth rate in these sectors increased from 6.5% to 7.3%. The growth rate for the electricity, gas, water supply and other utility services segments fell from 9.5% to 0.7%. Similarly, growth rate of trade, hotels, traffic, communication etc. fell from 7.8% to 5.9%. According to the data, the per capita income based on current prices stood at Rs 1,34,432 which was Rs 1,26,521 during 2018-19. It saw an increase of 6.3%.
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| Pic's Credit:- The Economic Times |
Growth rates rise over second quarter
The steps taken by the government and RBI have been seen in the third quarter. The country's GDP growth rate increased in the December quarter. The GDP growth rate has risen up to 4.7%, during this period. Earlier, the country's growth rate reached 4.5% during the September quarter, which was the lowest level in the previous year. The GDP growth rate was 5.1% during April-December 2019 as compared to 6.3% in the same period last year.
Manufacturing sector growth fell from 5.2% to 0.2%
According to data released by the NSO, the growth rate of the manufacturing sector fell to 0.2% during the quarter, which had increased at a rate of 5.2% in the year-ago period. The GVA growth rate in the farm sector stood at 3.5% as compared to 2% in the same period last fiscal. The growth rate of the construction sector fell to 0.3% compared to 6.6% in the same period last fiscal. Mining sector growth fell from 4.4% to 3.2%.
Increase in financial and real estate
Financial, real estate and professional services grew in growth rates. The growth rate in these sectors increased from 6.5% to 7.3%. The growth rate for the electricity, gas, water supply and other utility services segments fell from 9.5% to 0.7%. Similarly, growth rate of trade, hotels, traffic, communication etc. fell from 7.8% to 5.9%. According to the data, the per capita income based on current prices stood at Rs 1,34,432 which was Rs 1,26,521 during 2018-19. It saw an increase of 6.3%.
News Info:- According to sources
