INSUBCONTINENT EXCLUSIVE:
HighlightsGDP growth revised to 5.1% in July-September, 5.6% in April-June Official data shows consumer demand, private investment,
exports struggle Government sees annual growth to rise from 5% in 2019-20 to 6% next year
India's gross
domestic product (GDP) grew 4.7 per cent in October-December, in line with economists' estimates, official data showed on Friday
The government said the latest GDP estimate indicates that the economy has bottomed out.The National Statistical Office's estimates on GDP
growth in the country come days after Finance Minister Nirmala Sitharaman said "green shoots" are visible in the economy, and at a time when
the government has pegged the overall GDP growth at 5 per cent in the financial year ending March - the worst rate of annual expansion since
the global financial crisis of 2008-09
The GDP growth rate in the December quarter matched the forecast of analysts in a poll by news agency Reuters, but was below a
struggling, while higher government spending and an improvement in rural demand lent support.The figure for the July-September period was
Minister Narendra Modi's government took several steps earlier this month to try to bolster economic growth, including increasing state
spending on infrastructure.But many economists expect the impact of those efforts to be outweighed by the global fallout from the
coronavirus epidemic that began in China.The government is targeting only a slight recovery in growth to 6 per cent for 2020-21, from a more
than 11-year low rate of 5 per cent this financial year, far below the level needed to generate jobs for millions of young workers entering
retaining the estimate for the current financial year at 5 per cent.India lost its position as the world's fastest-growing major economy
The government has set a target of making the country a $5-trillion economy by 2024.
