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Last Updated : Mar 27, 2020 03:17 PM IST | Source: Moneycontrol.com

Coronavirus pandemic | GDP growth will suffer in first quarter: NITI Aayog

NITI Aayog Vice-Chairman Rajiv Kumar said the lockdown is an absolute necessity to "break the chain" and contain further spread of the deadly coronavirus.

NITI Aayog Vice-Chairperson Rajiv Kumar on March 26 said the country’s GDP will be adversely affected in the first quarter of FY 2020-21, courtesy the 21-day lockdown due to the coronavirus outbreak.

In an interview to India Today, he said the lockdown is an absolute necessity to "break the chain" and contain further spread of the deadly  coronavirus.

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"We are hopeful that the number of new cases will fall and things will return towards normalcy. I am hopeful that three weeks would be enough for the Indian economy to bounce back," he said.

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Further commenting on the impact of the nationwide lockdown, Kumar said the entire year's overall GDP growth may not be very bad, but the numbers in the first quarter would be appalling.

"In the next quarter, we will be lucky if we get a zero-growth rate; GDP growth could even be in the negative. However, the overall growth rate for FY 20-21 would not dip below three percent," he added.

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First Published on Mar 26, 2020 09:41 pm
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