GDP development slows to 4.2% in 2019-20, pulled down by 3.1% development in fourth quarter

Financial development slowed to an 11-year low of 4.2% in 2019-20, based on knowledge launched by the Nationwide Statistical Workplace on Friday.

Within the last quarter of the yr, that’s, January-March, the expansion charge of Gross Home Product (GDP) fell to three.1%, reflecting the impression of the primary week of the COVID-19 lockdown which started on March 25.

Though these estimates mirror a slowing economic system, they’re nonetheless greater than predicted by most economists and rankings analysts. Each agriculture and mining sectors picked up steam within the fourth quarter, rising at charges of 5.9% and 5.2% respectively, even whereas the manufacturing sector contracted additional, recording a unfavourable development of 1.4%.

The funds estimate for GDP development in 2019-2020 had been pegged at 8.5%. Nonetheless, the sooner estimates from the NSO had revised this projection downward to five%. The provisional estimate launched on Friday pushed the determine additional all the way down to 4.2%. The Indian economic system grew at 6.1% within the earlier yr.

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