New Delhi: Even as India’s Gross Domestic Product (GDP) growth slipped to a nearly seven-year low of 4.7% in October-December 2019, the Finance Ministry asserted that the decline in economic growth has bottomed out. “We have already bottomed out. There is an uptick despite international headwinds,” said Economic Affairs Secretary Atanu Chakraborty after the NSO released its data. Also Read - GDP Growth Improves Marginally to 4.7 Per Cent in December Quarter

Chakraborty further said that the growth in the core sector industries has also witnessed progress during the December and January quarter, which “augurs well” for the manufacturing sector during the January-March quarter of the fiscal.

When asked about the impact of coronavirus on Indian economy, Chakraborty said that it was an “unfolding story”. He also said that the fourth quarter GDP print — which will be released in end May this year — is expected to be as strong as the third quarter growth number, if not better.

“The PMI in recent months (December, January) are higher, FDI flows are positive and core sector industries are showing growth. Overall the economy is showing an uptick and has bottomed out,” he said.

The GDP growth was at 5.6 per cent in the same period of the last fiscal and the current Q3 figure of 4.7 per cent is a seven year low GDP growth rate.

Finance Minister Nirmala Sitharaman has termed the 4.7 per cent GDP as ‘steadiness’ in the economy and a good sign.  She also made it clear that she was not expecting a jump in the number, nor a decline.