New Delhi, Dec 18 | India’s GDP growth will turn positive in the January-March quarter, said Tarun Bajaj, the Secretary of the Department of Economic Affairs (DEA) on Friday.
Speaking at the CII Partnership Summit 2020, the official said that agriculture has been the positive aspect in the current scenario.
“The way we are monitoring the parameters, the GDP growth will be positive in the next quarter. Agriculture has been the positive aspect in the current scenario,” he said.
He further said that the government expenditure is up by 5 per cent YoY and capex is up by 15 per cent YoY.
In the June-September quarter, India’s GDP on a year-on-year basis contracted by (-) 7.5 per cent from (-) 23.9 per cent in the preceding quarter.
The Reserve Bank of India (RBI) has revised the real GDP growth projection for FY21 upwards to (-) 7.5 per cent on the back signs of faster recovery after the narrowing of the GDP contraction for the July-September, along with hopes of Covid-19 vaccines.
This is an upward revision from the earlier estimate of (-) 9.5 per cent.
Post the last MPC meet, RBI Governor Shaktikanta Das had said that the growth will enter positive zone in the third quarter of current fiscal with projection that GDP may grow at 0.1 per cent and the growth will further improve in Q4 to 0.7 pet cent.