The government on Friday released January-March GDP figure. The Indian economy grew at 3.1 percent in the January-March quarter (Q4) of 2020, its slowest pace in at least two years. The GDP growth was recorded at 5.8% in the corresponding quarter of 2019-20.
For the full FY20 financial year, the number came down to 4.2 percent from 6.1 percent in 2018-19.
The agriculture sector grew at 5.9 percent in Q4, compared to 1.6 percent in the same quarter a year ago.
Nominal GDP growth fell to 7.2 percent in FY20 compared to 11 percent last year.
Farm Sector grew at 5.9 percent in Q4 as compared to 1.6 percent growth in the year-ago quarter. Growth in the mining sector was 5.2 percent vs minus 4.8 percent last year.
The manufacturing sector contracted by 1.4 percent as compared to a growth of 2.1 percent year-on-year. The construction sector also registered degrowth of 2.2 percent as compared to 6 percent growth last year.
India’s per capita income in real terms during 2019-20 was estimated to reach Rs 94,954 as compared to Rs 92,085 in the year 2018-19, growing by 3.1 percent during FY20, which was lower compared to a growth of 4.8 percent during 2018-19.
At current prices, the country’s per capita income (average income earned per person) during FY20 reached Rs 134,226, showing a rise of 6.1 percent as compared to ₹ 1,26,521 during 2018-19.
The government says GDP estimates are likely to undergo revision.
India's core sector output in April contracted an unprecedented 38.1 percent in April as the country was under lockdown for over two months due to coronavirus.
Cement was the worst performer with growth contracting 86 percent versus a 25.1 percent contraction in March.
The following was the performance of the other key sectors:
Coal Output Growth At -15.5% Vs 4% (MoM)
Crude Oil Output Growth At -6.4% Vs -5.5% (MoM)
Natural Gas Output Growth At -19.9% Vs -15.1% (MoM)
Refinery Products Output Growth At -24.2% Vs -0.5% (MoM)
Fertilizers Output Growth At -4.5% Vs -11.9% (MoM)
Electricity Output Growth At -22.8% Vs -8.2% (MoM)
The nationwide lockdown kicked in from March 25, and its actual impact on the economy will show up in the subsequent months when businesses screeched to a standstill.
The Reserve Bank of India (RBI) recently lowered India's growth forecast for the ongoing fiscal due to the coronavirus crisis. "The GDP growth in 2020-21 is expected to remain in the negative territory with some pick up in the second half," RBI Governor Shaktikanta Das had said last week.