Hyderabad: India's economic growth slowed to 3.1 per cent in January-March and to an 11-year low of 4.2 per cent for the full fiscal 2019-20 amid a drop in consumption and investment.
The Gross Domestic Product (GDP) growth stood at 5.7 per cent in the corresponding quarter of 2018-19, according to data released by National Statistical Office (NSO) on Friday.
During 2019-20, the Indian economy grew at 4.2 per cent as against 6.1 per cent in 2018-19. The economic growth was the lowest since 2008-09 when the economy had expanded at 3.1 per cent.
The government had imposed a lockdown to curb the spread of COVID-19 infections from March 25, 2020.
However, the Indian economy also got impacted during the January-March quarter due slowing down of economic activities across the world.
The Reserve Bank had earlier pegged the GDP growth for 2019-20 at 5 per cent, as projected by the NSO in its first and second advance estimates released in January and February this year.
The major economies like USA, United Kingdom, France, Germany and Japan saw a negative growth in the January-March quarter of 2020.
China's economy contracted 6.8 per cent in January-March 2020, showing the impact of COVID-19.
Meanwhile, the CSO revised downwards growth in the previous October-December quarter of 2019-20 to 4.1 per cent from 4.7 per cent.
Similarly, the first and second quarter growth figures were revised downwards to 5.2 per cent and 4.4 per cent from 5.6 per cent and 5.1 per cent, respectively.
According to the data, gross value added (GVA) growth in the manufacturing sector contracted by 1.4 per cent in the fourth quarter of 2019-20, from 2.1 per cent expansion a year ago.
However, farm sector GVA growth was up at 5.9 per cent, compared to 1.6 per cent in the corresponding period of 2018-19.
Construction sector GVA contracted 2.2 per cent from 6 per cent expansion earlier. Mining sector growth came in at 5.2 per cent, as against a contraction of 4.8 per cent a year ago.
