India's economy grew by 4.2% in FY 2019-20, according to the data released by the National Statistical Office (NSO).
‘Agriculture and government expenditure have been the saviors,’ said Devendra Pant, chief economist at the Fitch Group’s India Ratings to The Hindu. Agriculture and mining sectors picked up steam in the fourth quarter, growing at rates of 5.9% and 5.2% respectively, even while the manufacturing sector contracted further, recording a negative growth of 1.4%. Public administration, defense, and other services grew at 10.1%.
Although the budget estimate for GDP growth in 2019-2020 had been pegged at 8.5%, the NSO’s previous estimates had pushed the projection down to 5%.