Some relief to the government on the economic front, GDP increased to 4.7%

New delhi date. 28 February 2020, Friday

The Modi government, which has been facing criticism due to sluggishness on the economic front, has received a slight relief. GDP figures have improved. These weekly figures are in the third quarter of the financial year 2019-20. Current statistics show that the country's GDP growth rate has improved to 4.7% in the December quarter.

In addition, the GDP growth rate for the first quarter of 2019-20 has been revised to 5.6% and for the second quarter to 5.1%. Growth rates have declined if research has been observed since.

If we look at the figures for the past 6 quarters, the GDP growth rate has steadily declined. Growth rate was at 8% in the first quarter of the financial year 2018-19 and fell to 7% in the second quarter. Similarly, GDP growth in the third quarter stood at 6.6% and in the fourth quarter at 5.8%. In the fiscal year 2019-20, GDP growth rate fell to 5% in the first quarter. While in the second quarter it was at 4.5%.

It is noteworthy that the latest GDP growth rates come at a time when there is a downward trend due to corona virus worldwide. This is because all agencies were estimating that GDP growth rates would not change. Thereby improving GDP growth rate. This is after 6 consecutive quarters when GDP growth is booming. However, the Corona virus has impacted the country's economy.

In addition, there has been a general improvement in core industry statistics. The latest data shows that the country's eight core industries grew by 2.2% in January, up from 2.1% in December. It is noteworthy that the eight core industries include coal, crude oil, natural gas, refinery production, fertilizers, steel, cement and electricity.