The Central Statistics Office (CSO) released India’s economic growth figures for the April-June quarter of FY20 on Friday. The growth slowed down to 5 per cent in the fiurst quarter of the ongoing fiscal. In the last quarter of fiscal year 2019, the economy grew at 5.8 per cent. The decelaration in private consumption largely contibuted to such a substantial fall in the GDP number.
RBI had projected India’s GDP growth for FY20 at 6.9 per cent, in the range of 5.8-6.6 per cent for the first half and 7.3-7.5 per cent for the second half of FY20. The government has already announced a slew of measures last week to boost demand in the economy.
RBI projects growth downwards - The Reserve Bank of India (RBI) in its August Monetary Policy Committee (MPC) slashed the country's GDP growth rate to 6.9 percent from its earlier revised projection of 7 percent. In its June monetary policy, the MPC revised GDP growth rate projection to 7 percent from 7.2 percent.
Fiscal deficit touches Rs 5.47 lakh crore at July-end - The government's fiscal deficit touched Rs 5.47 lakh crore in the June quarter, which is 77.8 per cent of the budget estimate for 2019-20. In absolute terms, the fiscal deficit or gap between expenditure and revenue was Rs 5,47,605 crore at July-end, as per the data released by the Controller General of Accounts (CGA) on Friday.
GDP grew at 5-quarter low in Q3 FY19 - With manufacturing, agriculture and small services faltering and government spending slowing, India’s gross domestic product (GDP) grew at a five-quarter low rate of 6.6% in the September-December period (Q3) of the current fiscal, official data revealed on Thursday. The Central Statistics Office (CSO) also revised down the growth rates for Q1 (from 8.2% to 8%) and Q2 (from 7.1% to 7%) and also that for the full fiscal year to 7% — a five-year trough — from 7.2% in the first advance estimate released in January.
GDP growth figures - GDP at Constant (2011-12) Prices in Q1 of 2019-20 is estimated at Rs 35.85 lakh crore, as against Rs 34.14lakh crore in Q1 of 2018-19, showing a growth rate of 5.0 percent. Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2019-20 is estimated at Rs 33.48 lakh crore, as against Rs 31.90 lakh crore in Q1 of 2018-19, showing a growth rate of 4.9 percent over the corresponding quarter of previous year.
Previous low in GDP in FY13 - The previous low was recorded at 4.9 per cent in April-June 2012-13. The economic growth was 8 per cent in the same quarter of 2018-19.
China's economic growth in 2019 - China's economic growth was 6.2 per cent in April-June quarter of 2019, which was the weakest expansion in 27 years.
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