The Indian economic system grew at 3.1 p.c within the January-March quarter (This fall) of 2020, official gross home product (GDP) information launched on Friday confirmed. For the complete FY20 monetary 12 months, the quantity got here to an 11-year-low of 4.2 p.c in opposition to 6.1 p.c in 2018-2019.

India’s financial progress slipped to three.1 per cent within the January-March quarter of 2019-20 exhibiting affect of COVID-19 pandemic. The gross home product (GDP) had expanded by 5.7 per cent within the corresponding quarter of 2018-19, in response to information launched by the Nationwide Statistical Workplace (NSO) on Friday.

In 2019-20, the Indian economic system grew by 4.2 per cent in opposition to 6.1 per cent growth in 2018-19.

The federal government imposed lockdown on March 25 to fight COVID-19. Nevertheless, slowing down of enterprise actions the world over in January-March impacted the Indian economic system.

The Reserve Financial institution had pegged the GDP progress for 2019-20 at 5 per cent as projected by the NSO in its first and second advance estimates launched earlier this 12 months in January and February respectively.

China’s economic system shrank by 6.eight per cent in January-March 2020 as a result of affect of coronavirus an infection.

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