India's economic growth slowed to 4.7 per cent in October-December 2019, according to official data released on Friday.
Even as GDP growth slipped to a nearly 7-year low of 4.7 per cent in October-December 2019, Finance Minister Nirmala Sitharaman on Friday said that it’s more important the economy is moving ahead amid the ongoing global slowdown. It’s encouraging that the ship is moving ahead, Nirmala Sitharaman said at CNBC TV-18 event on Friday. “Glad the GDP numbers indicate there is some steadying in the economy”, she added. India’s economic growth slowed to 4.7 per cent in October-December 2019, according to official data released on Friday. The Gross Domestic Product (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.
On Coronavirus outbreak impact on industry, Nirmala Sitharmana said that there is no need to panic as a contingency plan is almost ready. None of the sectors of the economy told me there was a major issue with the Coronavirus outbreak, Nirmala Sitharaman said. There were exhaustive consultations with different sectors of the economy, Nirmala Sitharmaan said. There are suggestions from the industry of airlifting people and components from China to support the domestic operations, she added. However, industry had raised the concern that if the problem gets extended, an issue may develop, she also said.