Finance Minister Nirmala Sitharaman said on the third-quarter growth rate of Gross Domestic Product (GDP) that stability in the economy is a better sign, adding that she was not expecting a growth spurt. Atanu Chakraborty, Secretary, Economic Affairs, Ministry of Finance said that the growth rate has come out of the downturn. According to the data released on Friday, GDP grew by 4.7 percent during the third quarter of the current financial year. This growth rate is at a seven-year low.
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Estimates of better manufacturing conditions
Chakraborty said the agriculture, mining and core sector sectors performed better, while the manufacturing sector is in a strong position with manufacturing purchasing managers' index (PMI) and FDI. On the other hand, manufacturing in the core sector can be better in January-March due to better performance in December and January.
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Things improved in the core sector
Overall viewing of GDP data released on Friday, according to the Finance Ministry, shows that the country is now going upwards in terms of growth rate, as the eight-core industry sectors including agriculture, mining, and services are on the rise. Along with this, there is a strong position in the capital generation. In the core sector, only crude and gas are in the negative. Coal, electricity, cement, steel, crude oil, natural gas, refinery, and manure are present in eight core sectors. According to the Finance Ministry, exports have come down due to global trade being affected.
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The Indian business has been affected by the tariff war between the US and China, with the Finance Ministry believing that the increase in spending by the government is going to bring a lot of positive changes in the agricultural sector in the long term, the effect of which Will be seen on the full economy. To increase manufacturing, the government is asking for more credit for the banking sector. The finance minister himself is monitoring the loans to small entrepreneurs.
