India's GDP grows to 4.7 pct in October-December quarter

Source: Xinhua | 2020-02-29

India's economic growth rate grew to 4.7 percent during the quarter of October to December, according to government data released on Friday.

The figures released by India's federal national statistical office (NSO) showed gross domestic product (GDP) growth in the October to December, the third quarter of the 2019-20 fiscal year, has grown to 4.7 percent.

"GDP at Constant (2011-12) Prices in Q3 of 2019-20 is showing a growth rate of 4.7 percent," said a statement issued by the ministry of statistics and program implementation.

The previous quarter of July-September showed a growth rate of 4.5 percent.

The first quarter of April to June registered growth of 5.0 percent.

Friday's economic data highlighted a prolonged slowdown in the economy.

The Central Statistics Office (CSO) said the growth in GDP during the current 2019-20 fiscal year is estimated at 5.0 percent as compared to 6.1 percent in 2018-19.

The Indian government has set a target of making the country a 5-trillion U.S. dollar economy by 2024. However it has lost its position as the world's fastest-growing major economy last year.