India's Jan-Mar quarter GDP growth at 3.10% y/y

Friday,   29-May-2020   05:50 PM (IST)

The Indian economy grew at 3.1 per cent in the January-March quarter (Q4) of 2020, its slowest pace in at least two years, as the coronavirus pandemic weakened the already declining consumer demand and private investment, official gross domestic product (GDP) data released on Friday showed. For the full FY20 financial year, the headline number came to an 11-year low of 4.2 per cent, against 6.1 per cent in 2018-19. The growth numbers were broadly in line with estimates by brokerages and economists, who have seen the economy headed for a recession in FY21. The government is working on a new set of guidelines for the lockdown to be issued this weekend. The first Advance Estimates, released in January for Budget preparations, pegged the economic growth rate at 5 per cent in 2019-20. The second Advance Estimates, released on February 28, also projected the FY20 growth rate at 5 per cent, though there were changes in growth in various segments within overall economy and in various quarters compared to that in the first Advance Estimates.