Green shoots visible in sectors like coal, cement, agriculture; ASSOCHAM on 3rd Quarter GDP

Friday, February 28, 2020

New Delhi, 28th February 2020:
GDP growth of 4.7 per cent for the third quarter of fiscal 2019-20 ending December is largely on the expected lines, but some key sectors of the economy, like coal and cement are showing green shoots which should reflect in the subsequent quarters, said ASSOCHAM Secretary General Mr Deepak Sood.
 
" If we see the performance of eight core industries for January, the first month of the fourth quarter and compare it with the third quarter GDP numbers,  the situation seems to be improving. Take for instance coal production, while it decelerated by 4.3 per cent in Q3, the trend reversed and coal output grew by 8 per cent in January. Similar trend is visible in cement, giving us hope that the growth slowdown is bottoming out," Mr Sood said.
 
He said agriculture at 3.7 per cent expansion for Q3 should further show improvement in Q4 with better Rabi crop prospects. As for the impact of coronavirus, fortunately, India remains largely unaffected. On the other hand, crash in crude oil prices should help in taming the inflation far more effectively.
 
About ASSOCHAM:
ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on www.assocham.org
 
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