New Delhi: India’s economic growth slowed to 3.1 percent in the fourth quarter of the financial year 2019-2020, according to data released by National Statistical Office (NSO) on Friday (May 29) amid ongoing COVID-19 pandemic. The government had imposed a lockdown to curb the spread of coronavirus infections from March 25, 2020. Notably, the Indian economy got impacted during the January-March quarter due to slowing down economic activities across the world. The economic growth was the lowest since 2008-09 when the economy had expanded at 3.1 percent. The NSO data also stated that the nation’s Gross Domestic Product (GDP) growth stood at 5.7 percent in the corresponding quarter of 2018-19. During 2019-20, the Indian economy grew at 4.2 percent as against 6.1 percent in 2018-19. Earlier, the Reserve Bank (RBI) had pegged the GDP growth for 2019-20 at 5 percent, as projected by the NSO in its first and second advance estimates released in January and February this year. The CSO had revised downwards growth in the previous October-December quarter of 2019-20 to 4.1 percent from 4.7 percent. Similarly, the first and second-quarter growth figures were revised downwards to 5.2 percent and 4.4 percent from 5.6 percent and 5.1 percent,… Read full this story
- BUSINESS NEWS HEADLINES MARCH 3
- More than £250 billion is wiped off top UK firms' shares in a week as FTSE suffers biggest drop since 2008 financial crisis and Wall Street is hit by 1,000-point drop in the Dow amid global coronavirus panic
- RBI chief Shaktikanta Das sees rate cut as option amid virus threat
India's economic growth slows to 3.1% in January-March amid COVID-19 crisis have 242 words, post on zeenews.india.com at May 29, 2020. This is cached page on Sport Breaking News. If you want remove this page, please contact us.