Business

India's Q4 FY20 GDP down to 3.1pc, 2019-20 growth shrinks to 4.2pc

A massive contraction in manufacturing and construction activities pulled India's GDP growth rate down to 3.1 per cent in the last quarter of 2019-20 from Q3's 4.1 per cent and 5.7 per cent rise reported for the like period of the previous fiscal.

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Published:29th May, 2020 at 7:16 PM

New Delhi

Consequently, India's FY20 GDP declined to 4.2 per cent from 6.1 per cent in FY19.

On a sequential basis, the quarterly growth rate has progressively come down from 5.2 per cent in Q1 of 2019-20 to 4.4 per cent in Q2 and 4.1 per cent in Q3.

Last fiscal, the Indian economy faced a severe demand slowdown on account of high GST rates, farm distress, stagnant wages and liquidity constraints.

This time around, the national lockdown implemented to curb the Covid-19 outbreak has delt a severe blow to the economy.

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India's Q4 FY20 GDP down to 3.1pc, 2019-20 growth shrinks to 4.2pc

A massive contraction in manufacturing and construction activities pulled India's GDP growth rate down to 3.1 per cent in the last quarter of 2019-20 from Q3's 4.1 per cent and 5.7 per cent rise reported for the like period of the previous fiscal.

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