NEW DELHI, May 30 (NNN-UNI) – India’s economic growth rate during the full financial year of 2019-20, slowed to 4.2 percent, as compared to 6.1 percent expansion in 2018-19, government data release showed.
The annual expansion in the GDP at 4.2 percent in fiscal year 2019-20 is the lowest pace of growth in 11 years, as against a previously projected five percent.
“Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2019-20 is now estimated at 4.2 percent, as compared to 6.1 percent in 2018-19,” the government data reveals. “GDP at Current Prices in the year 2019-20 is showing a growth rate of 7.2 percent as compared to 11.0 percent in 2018-19.”
Meanwhile, India’s economic growth rate slowed to 3.1 percent during the period from Jan to Mar, government data released on Friday said.
The figures released by India’s federal national statistical office (NSO) showed gross domestic product (GDP) growth in the Jan to Mar period has slowed to 3.1 percent.
“GDP at Constant (2011-12) Prices in Q4 of 2019-20 is showing a growth of 3.1 percent,” reads a statement issued by the ministry of statistics and programme implementation.
The ministry said, in view of the global COVID-19 pandemic and consequent nationwide lock-down measures implemented since Mar 2020, the data flow from the economic entities has been impacted.
The official rate of GDP expansion comes days after the country entered the third month of the lock-down, which has badly hit the economy.
Friday marks the 66th straight day of ongoing lock-down across the country announced by Prime Minister, Narendra Modi, to contain the spread of the pandemic.– NNN-UNI
