India registered an economic growth rate of 4.7 per cent in the October-December quarter (Q3) of financial year 2019-2020, which is 0.4 per cent less than the rate recorded in the July-September quarter (Q2), according to the data released by the National Statistical Office (NSO) on Friday (February 28, 2020). Earlier, in the second quarter of the 2019-2020 financial year, India's Gross Domestic Product (GDP) growth rate was estimated at 4.5 per cent which was corrected to 5.1 in the data released on Friday.


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According to the data, the GDP at Constant (2011-12) Prices in 2019-20 October-December quarter (Q3) is estimated at Rs 36.65 lakh crore compared to Rs 35.00 lakh crore in October-December (Q3) of the financial year 2018-19. Commenting on the GDP numbers, Economic Affairs Secretary Atanu Chakraborty claimed that India's growth decline had bottomed out.


However, the 2019-2020 Q3 GDP growth rate is 0.9 per cent lower than the figures a year ago (Q3 of the financial year 2018-2019) when Indian economy had grown by 5.6 per cent.


In the first nine months of the current financial year (April-December 2019), the Indian economy saw a growth of 5.1 per cent as against 6.3 per cent in the same period of the 2018-19 financial year. The GDP growth rate for the first quarter of 2019-20 was also revised to 5.6 per cent, while it is 5.1 per cent for the second quarter.


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 in January 2020.


The Reserve Bank had also estimated 5 per cent GDP growth for 2019-20. China's economic growth was 6 per cent in October-December 2019, which was the weakest expansion in over 27 years. China's economic growth was 6.1 per cent in 2019 (calendar year), the slowest in about three decades.