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India’s Q3 GDP Growth Rises To 4.7 Per Cent; Q1, Q2 Growth Estimates See Upward Revision To 5.6, 5.1 Per Cent
The focus is now on GDP measurement. (File photo)
India’s GDP growth for the third quarter of financial year 2020-21 has been clocked at 4.7 per cent, up from the figure of 4.5 per cent recorded in the second quarter, Mint has reported.
As per the national statistic office, the Q1 GDP growth for FY21 has been revised to 5.6 per cent a 0.5 percent uptick from the previous 5.1 per cent estimate. The Q3 GDP growth has too seen an upward revision from 4.5 per cent to 5.1 per cent.
The agriculture sector has seen a growth of 3.5 per cent, mining grew my 3.2 per cent, construction grew by 0.3 per cent, trade, hotel, transport, communication saw a healthy growth of 5.9 per cent and the financial services segment grew by 7.3 per cent.
Manufacturing and power sector contracted by 0.2 per cent and 0.7 per cent respectively.
India’s infrastructure output has grown by 2.2 per cent year on year in January. The fiscal deficit for the FY21 till January stands at Rs 9.85 lakh crore. The Finance Ministry had earlier revised the fiscal deficit target for FY21 from 3.3 per cent to 3.8 per cent.
Estimates have suggested that the Indian economy will grow at 5 per cent for FY21, as compared to the 6.1 per cent figure from last year. The growth may be hit in the final quarter due to coronavirus outbreak.
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