During the nine-month period (April-December 2019), the Indian economy grew 5.1 per cent as against 6.3 per cent in the same period a year ago. (Photo Credit: Representative image)
The Gross Domestic Product (GDP) growth of India slightly improved to 4.7 per cent in the October-December 2019 quarter, according to the official data released by the government on Friday on evening. India's economy had grown at an over six-year low of 4.5% in the previous quarter. The GDP growth was registered at 5.6 per cent in the corresponding quarter of 2018-19, as per the data released by the National Statistical Office (NSO).
During the nine-month period (April-December 2019), the Indian economy grew 5.1 per cent as against 6.3 per cent in the same period a year ago. The GDP growth rate for the first quarter of 2019-20 was revised to 5.6 per cent, and for the second quarter to 5.1 per cent.
The NSO has pegged economic growth at 5 per cent in 2019-20 in its second advance estimates released on Friday, the same as its estimates last month.
The Reserve Bank had also estimated 5 per cent GDP growth for 2019-20. China's economic growth was 6 per cent in October-December 2019, which was the weakest expansion in over 27 years. China's economic growth was 6.1 per cent in 2019 (calendar year), the slowest in about three decades.
The downward spiral in growth momentum has resulted in a slew of initiatives from the policymaking side, including a cumulative rate cut of 1.35 percentage point by the Reserve Bank in 2019, and a sharp cut in direct taxes for corporates by the government.
The "steep" downward revision by the government for the FY2018-19 growth number indicates that the slowdown had set-in since April 2018 onward.
(With PTI inputs)