India’s Gross Domestic Product (GDP) growth slowed to 3.1% in the fourth quarter of the financial year 2019-2020, according to official data released on Friday amid the ongoing coronavirus pandemic that has affected the economy.
The GDP had expanded by 5.7% in the corresponding quarter of 2018-19, according to data released by the National Statistical Office (NSO) on Friday.
In 2019-20, the Indian economy grew by 4.2% against the 6.1% expansion in 2018-19.
The government imposed lockdown on March 25 to combat COVID-19. However, slowing down of business activities across the world in January-March impacted the Indian economy.
The Reserve Bank of India had pegged the GDP growth for 2019-20 at 5% as projected by the NSO in its first and second advance estimates released earlier this year in January and February respectively. “The GDP growth in 2020-21 is expected to remain in the negative territory with some pick up in the second half,” RBI governor Shaktikanta Das had said.
China’s economy shrank by 6.8% in January-March 2020 due to the impact of coronavirus infection.