India's GDP Growth In 2019-20 Slows Down to 11-Year Low

 ➤ India's GDP Growth In 2019-20 Slows Down to 11-Year Low

India's gross domestic product (GDP) grew by 3.1 per cent in January-March. Official statistics say the current series is the slowest in eight years. That's better than economists' estimates, but down 4.1% in the last quarter. Annual GDP growth for fiscal year 2019-20 was 4.2 percent - the lowest growth in 11 years, down from the previous 5 percent. The rate of GDP expansion is just days after the country entered into a third-month lockdown with a few exceptions to prevent the spread of the coronavirus pandemic, disrupt the already slowing economy, and stimulate many businesses to trim their operations. Loss.

➤ Here are 10 things to know about GDP data released today

➦ The average forecast from a poll of news agency Reuters analysts shows that GDP growth increased by 2.1% in the last quarter of fiscal year 2019-20. Estimates range between + 4.5% and -1.5%.

➦ In the latest quarter, GDP growth increased by 4.2% for the year ended March 31, reflecting the partial impact of the Kovid-19 lockdown on manufacturing and services sectors. The country’s GDP grew by 6.1% in FY 2018-19. (According to economists)

➦ GDP growth in the previous quarter was also revised downward. For the quarter ended December 31, 2019, the GDP expansion rate was reduced from 4.7% to 4.1%. Similarly, growth rates for the July-September and April-June quarter revised to 4.4% (from 5.1%) and 5.2% (from 5.6%), respectively.

➦ The National Statistical Office (NSO) has released a statement that the lockdown caused by coronavirus has affected GDP data flow from financial institutions. The figures are based on available data as the government has extended the legal deadline for filing required financial returns," the Office of Statistics said.

➦ Manufacturing fell by 1.4 percent in the January-March quarter. It increased 0.8% in the last quarter.

➦ Agricultural production increased by 5.9% in the fourth quarter. It was 3.6 per cent in October-December.

➦ Earlier this month, Finance Minister Nirmala Sitharaman outlined a Rs 21 lakh crore financial and financial stimulus to save the country from the economic fallout of the coronavirus outbreak.

➦ Although some have warned that the lockdown of COVID-19 disease will start a slowdown, many economists have already lowered expectations for this financial year. Despite several restrictions on production, transport and other services since May 18, the government has called for a lockdown in late March.

➦ Some say the April-June numbers give a clear picture of the damage the coronavirus has caused to the economy, as the full impact of the lockdown on manufacturing and services becomes more apparent.

➦ The US Goldman Sachs Group reported a 45 per cent decline in the Indian economy for the quarter to the end of June and a 5 per cent decline in fiscal year 2020-21. The economy is shrinking more than ever before. .