NEW DELHI : India's economic or GDP growth expanded at a slight quicker pace of 4.7% in the quarter ended December 31 as compared to the previous quarter. The median forecast of a Reuters poll of economists put annual economic growth at 4.7%. India's economy had grown at an over six-year low of 4.5% in the previous quarter.
But analysts caution that growth would be muted this current quarter due to the downside risks to global growth as a result of the coronavirus epidemic, the full effects of which are still uncertain and unfolding. Goldman Sachs has cut its growth forecast to 4.9% for the March quarter from earlier estimate of 5.4%.
The government had estimated economic growth in the current fiscal year ending in March would be 5%, the lowest for 11 years. And the government only targeted a slight recovery in growth to 6% for 2020/21.
Separately, data released today showed India's infrastructure output grew 2.2% in January from a year earlier. During April-January, output rose 0.6% from the year-ago period, according to the data.
Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40% of the country's industrial output.