No.PR-105 May 29, 2020 New Delhi Deceleration in GDP growth in Q4 FY2020 worrying; looking forward to pick up in H2 FY 2020-21: PHD Chamber While worrying about the deceleration in GDP growth to the level of 3.1% in Q4 FY2020, Dr D K Aggarwal, President, PHD Chamber of Commerce and Industry, said in a press statement issued here today that we are optimistic that the growth will revive in the second half of the financial year 2020-21 on the back of various reform measures announced by the Government during the last few weeks. However, the growth estimates of 4.2% for the financial year 2019-20 are more or less in line with our expectations, said Dr. Aggarwal. The announcement of a bold economic relief package of Rs 20 lakh crore which is 10% of India’s GDP, will go a long way in our fight against economic distress, reviving and boosting the morale of industry and each citizen of the nation. It will bring the economic growth curve back on its growth path, said Dr Aggarwal. The stimulus package will re-fuel economic growth fundamentals of the economy and resume the lost economic activity, going forward. GDP Growth has decelerated to 3.1% in Q4 FY2020, due to decline in the growth rate of construction at (-)2.2%, manufacturing at (-)1.4%, trade, hotels, transport, communication and services related to broadcasting at 2.6% , financial, real estate & professional services at 2.4% though public administration, defence and other services grew at 10.1%. Growth rate of agriculture, forestry & fishing was inspiring at 5.9%, mining & quarrying at 5.2% and electricity, gas, water supply & other utility services at 4.5% in Q4 FY2020. The overall growth rate of GDP for FY2020 stands at 4.2% as compared to 6.1% in FY2019. Ends. Media Division PHD Chamber of Commerce and Industry
PHD Chamber of Commerce and Industry, established in 1905, is a proactive National Apex Chamber working at the grass-root level and with strong national and international linkages.