GDP growth slows to 11-year low of 4.2 percent in 2019-20

Posted on 30th May 2020 by rohit kumar

New Delhi: India's GDP growth rate during the last financial year i.e. 2019-20 has been the lowest in the last 11 years. The growth rate of GDP in 2019-20 has been 4.2 percent whereas during 2018-19 this figure was 6 percent.

 


During the last quarter of 2019-20 i.e. January to March 2020, the growth rate of GDP has been 3.1%. With this figure for the last quarter of the last financial year, the growth rate of the entire financial year has been just 4.2 percent, which is the lowest during the last 11 years.



Let me tell you that in the last quarter i.e. October-December quarter, the country's GDP came in at 4.7 percent, which was a low of about seven. All the agencies of the country and the world have predicted India's GDP growth to be between 0.5 per cent and 3.6 per cent in the March quarter.



GDP rate for first three quarter of FY 2019-20

The country's GDP was 5 percent in the first i.e. April-June quarter of the financial year 2019-20. After this, the country's GDP stood at 4.5 percent in the second i.e. July-September quarter. At the same time, in the third i.e. October-December quarter, the country's GDP rate came to 4.7 percent. However later the country's GDP figures were revised and GDP figures of 5.6 per cent in the first quarter and 5.1 per cent were reported in the second quarter.



Estimates of agencies for GDP figures

Crisil had projected the country's GDP to be 4 percent in the fiscal year 2019-20 and 0.5 percent in the March quarter. SBI Research had projected GDP growth of 1.2 per cent in the March quarter and 4.2 per cent in the last financial year. At the same time, ICICI estimated 1.5 percent in the March quarter and 4.2 percent in the last financial year. ICRA forecasted an economic growth rate of 1.9 per cent in the March quarter and 4.3 per cent in the last financial year. India Ratings and Care Ratings have projected economic growth of 3.6 per cent in the March quarter and 4.7 per cent in the last financial year.

Other news