The first advance estimate released by CSO pegged India's GDP growth at 5% for FY20, which is the slowest growth witnessed in the Indian economy since FY09. The sharp slowdown in the economy was manifested when GDP growth in Q2-FY20 declined to a 6 and half year low of 4.55%.

''We have projected GVA growth at 4.3% and GDP growth of 4.5% for Q3-FY20, which is lower than 6.6% GDP growth recorded in the corresponding period a year ago,'' said the report.

The deceleration in the economy so far has been broad-based with higher government expenditure supporting economic growth. On the expenditure side, lacklustre growth in investment activity (as measured by GFCF) and contraction in exports have weighed on GDP growth. At the sectoral level slow growth in case of manufacturing, mining and construction activity have dragged overall GVA.

Despite the number of measures by the Government and the RBI, the leading indicators available till the quarter ended December, 2019 are not particularly robust and given the recent outbreak of coronavirus across some geography the impact could also be on some sectors in the country.