Categories: Business

India's GDP growth at 11-year low in FY20; economic growth rate in January-March 2020 was 3.1%

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GDP growth in 2019-20 slows to 11-year low of 4.2 pc

new Delhi. The corona virus has brought the entire economy in jeopardy as well as damage to the Indian economy. According to the latest data released by the government on Friday, India's gross domestic product (GDP) growth rate in the fourth quarter of the financial year 2019-20 ie January-March 2020 has come down to 3.1 percent. In the corresponding quarter of the previous financial year, the economic growth rate was 5.7 percent. With this, the GDP growth rate for the entire financial year 2019-20 is 4.2 percent, which is the lowest level for the last 11 years.

The Ministry of Statistics and Program Implementation on Friday said that GDP at constant price (2011-12) in the fourth quarter of 2019-20 is estimated to be Rs 38.04 lakh crore, as compared to Rs 36.90 lakh crore in the fourth quarter of 2018-19. Thus, it shows an increase of 3.1 percent.

The ministry said that the economic growth rate is estimated to be 4.2 percent in the financial year 2019-20, which was 6.1 percent in the financial year 2018-19. China's economy declined by 6.8 percent during January-March 2020 due to the corona virus epidemic.

The government announced the lockdown on March 25 to control the Kovid-19. But during January-March, worldwide economic activity remained sluggish, which also affected the Indian economy. The Reserve Bank of India had projected an economic growth rate of five percent in 2019-20. The NSO had projected a growth rate of five per cent in the first and second advance estimates released in January February this year.

This post was published on May 29, 2020 7:02 pm

Content Team

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