Economic development slowed to an 11- year low of 4.2%in 2019-20, according to data launched by the National Statistical Office on Friday.
In the last quarter of the year, that is, January-March, the growth rate of Gross Domestic Product (GDP) was up to 3.1%, showing the impact of the first week of the COVID-19 lockdown which began on March 25.
Although this is the lowest development rate in the last 44 quarters, it is still greater than the 2.2?velopment anticipated by many financial experts and ratings experts.
” Agriculture and government expense have been the saviours,” stated Devendra Pant, primary economist at the Fitch Group’s India Ratings.
Also checked out: Procedures taken by Indian govt. will boost economic growth: SBI MD Dinesh Khara
Agriculture and mining sectors got steam in the fourth quarter, growing at rates of 5.9%and 5.2%respectively, even while the production sector contracte