According to Soumya Kanti Ghosh, group chief economic advisor at State Bank of India, the GDP growth can be closer to 1.5 percent in the fourth quarter of FY20.
The Gross Domestic Product (GDP) data for Q4 will be released later today. Q4 GDP numbers will be significant as they will indicate the impact of COVID-19 on the economy. A CNBC-TV18 poll shows the growth rate is likely to slow to just over 2 percent.
Along with Q4, the full-year numbers will be also be released for FY20. It is to be noted that the economy was under a lockdown only in the last week of March in FY20.
Ghosh said that the Index of Industrial Production (IIP) data suggests that there might be material impact of COVID in Q4. The agriculture sector is expected to do better in Q4, but services may be hit due to onset of crisis, he added.