Even better days of recession: GDP in the third quarter was 4.7 percent, seven years down

(PTI) New Delhi, Ta. February 28, 2020, Friday

In the midst of a recession on the economic front, the government has released GDP figures. These official figures are from the third quarter ie September, 2019 to December 2019. According to data released today, the country's GDP for the third quarter stood at 4.7%. If the revised GDP figures of the first two quarters of 2019-20 are taken into account, the GDP of the third quarter issued today is at a seven-year low.

In addition, the GDP figures for the first quarter and second quarter of FY 2019 have been revised from 5 percent to 5.6 percent and 4.5 percent to 5.1 percent, respectively.

The figures for the third quarter have been released at a time when the world is experiencing a recession due to corona virus. It is worth mentioning that last year some important decisions were taken by the government to speed up the country's sluggish economy. The government said at the time that the impact of these decisions on the economy would be gradual.

For the January-March quarter of 2012-13 fiscal, the GDP was 4.3%. GDP data has been released today by the National Statistical Office (NSO). If we talk about the last six quarters, GDP has seen a steady decline.

GDP in the first quarter of FY 2018-19 was eight percent, which was reduced to seven percent in the second quarter. Similarly, in the third quarter, GDP fell to 6.6 percent and in the fourth quarter, GDP fell to 5.8 percent.

If the fiscal year 2019-20 is talking about, GDP in the first quarter was down five percent. In the second quarter, the GDP fell to 4.5%. However, the GDP figures for the first two quarters of 2019-20 have been revised.

The National Statistical Office of the Government of India (NSO) has projected 5 per cent of GDP in FY 2019-20 and 6 to 6.5 per cent of GDP in FY 2020-21.

Jan 128.5 percent of the fiscal deficit target

By the end of January, India's fiscal deficit has fallen to 128.5 percent of the target for the entire year, the Controller General of Accounts (CJA) said in a statement. At the end of January in 2019, the country's fiscal deficit was 121.5 percent of the target for the full year. It is worth mentioning that in last year's budget, the government had set a target to keep the fiscal deficit at Rs 7,66,844 crore. However, with just two months left, the fiscal deficit has risen to Rs 9,85,472 crore.

The stability seen in the economy is a good thing: Nirmala

Union Finance Minister Nirmala Sitharaman has said after the GDP stood at 4.7 percent, the stability seen in the economy is a good thing. He further said that the government was working on setting up a Development Financial Institute (DFI). The central government is forcing banks to provide maximum loans. Regarding the Corona virus, he said there is no need to be afraid at present. However, he said that corona cases will not decline globally in the next two to three weeks, which will have a serious impact on the global economy.

The core sector grew 2.2 percent in January

(PTI) New Delhi, Ta. 28

In January, 2020, the core sector saw an increase of 2.2 percent. The core sector saw a 2.2 percent increase in January due to increased production in the coal, refinery and electricity sectors. It is worth mentioning that in January 2019, the core sector growth was 1.5 percent. In January, 2020, coal, refinery and electricity sector production grew by 8 percent, 1.9 percent and 2.8 percent, respectively. The core sectors include eight major sectors - electricity, steel, refinery, crude ail, coal, cement, natural gas and fertilizer.