India’s economic growth slips to 3.1% in Q4FY20, 4.2% in FY20

30 May 2020 Evaluate

India's gross domestic product (GDP) or economic growth slipped to 3.1% in the January-March quarter of 2019-20 (Q4FY20), as compared to growth of 5.7% in the corresponding quarter of 2018-19, amid COVID-19 pandemic. The government imposed lockdown on March 25 to combat COVID-19. Besides, slowing down of business activities across the world in January-March impacted the Indian economy. Meanwhile, the Q2 and Q1 numbers have also been revised to 4.4% and 5.2%, respectively. For the full financial year (FY20), the headline number came to an 11-year low of 4.2%, against 6.1% in FY 2018-19.

As per the National Statistical Office (NSO) data, under Ministry of Statistics and Programme Implementation, GDP at Constant (2011-12) Prices in Q4 of 2019-20 is estimated at Rs 38.04 lakh crore, as against Rs 36.90 lakh crore in Q4 of 2018-19, showing a growth of 3.1%. Besides, the GDP at Constant (2011-12) Prices in the year 2019-20 is estimated to attain a level of Rs 145.66 lakh crore, as against the First Revised Estimate of GDP for the year 2018-19 of Rs 139.81 lakh crore, released on January 31, 2020.

The data also showed that the gross value added (GVA) at Basic Prices in the manufacturing sector contracted by 1.4% in the fourth quarter of FY20 from 2.1% expansion a year ago. Construction sector GVA growth too contracted to 2.2% from 6% expansion earlier. However, the farm sector GVA growth was up at 5.9%, compared to 3% growth in the corresponding period of the previous fiscal. Mining sector growth came in at 5.2%, as against a contraction of 4.8% a year ago. Electricity, gas, water supply and other utility services segment up at 4.5%, from 5.5% growth a year ago.

The Per Capita Income in real terms (at 2011-12 Prices) during 2019-20 is estimated to attain a level of Rs 94,954 as compared to Rs 92,085 in the year 2018-19, resulting in growth of 3.1% during 2019-20, as against 4.8% in the previous year. The Per Capita Income at current prices during 2019-20 is estimated to be Rs 134,226, showing a rise of 6.1% as compared to Rs 1,26,521 during 2018-19.

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