At 4.7 per cent, the third quarter GDP growth was lower than expected, raising doubts about the economy achieving the overall expected growth of 4.9 per cent this fiscal.

The December quarter GDP growth is lower than 5 per cent for at least seven consecutive quarters, confirming that growth continued to be on a weak wicket.

But the third quarter GDP growth was higher than the downward revised 4.4 per cent in October-December last fiscal. It was, however, tad lower than the second quarter GDP growth of 4.8 per cent.

Both manufacturing (-1.9 per cent) and mining (-1.6 per cent) continued to drag. Agricultural growth surged to 3.6 per cent (0.8 per cent).

For the economy to achieve overall GDP growth of 4.9 per cent in 2013-14, the asking rate of GDP growth for the fourth quarter will be 5.7 per cent.

Yet, painting an optimistic picture, C Rangarajan, Chairman of the Prime Minister’s Economic Advisory Council, told Business Line that the fourth quarter GDP growth of 5.7 per cent was achievable without having to revise the first and second quarter numbers.

Growth prospects The fourth quarter is expected to see a sharp spike in agricultural output, positive growth in manufacturing sector and continued robust performance in financing and community services, he said.

“The rabi crop output is going to be very good and this will lift the agricultural growth in the fourth quarter,” he said.

Rangarajan said that a contraction in manufacturing was factored in the overall GDP growth estimate of 4.9 per cent and the expected positive growth in manufacturing in fourth quarter could buoy the overall economic growth performance.

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