India’s gross domestic product (GDP) fell 23.9% in the April-June quarter, official data released by the Union’s Ministry of Statistics and Program Implementation (Mospi) on Monday showed in amid the coronavirus-induced pandemic that affected businesses and livelihoods across the country. .
India’s economy had grown at 3.1% in the January-March quarter, its slowest pace in at least eight years. GDP data had shown consumer spending slowing, private investment and exports contracting in the March quarter.
Experts had said that the country’s economy was expected to contract mainly because this quarter had seen more of the 68-day lockdown restrictions nationwide, which were applied by the government as of March 25 to contain the spread of the outbreak of the coronavirus disease (Covid-19).
Data previously showed that India’s GDP growth had slowed even before the Covid-19-induced lockdown restrictions. The growth rate in the fourth quarter of fiscal 2020, 3.1%, was the weakest point in the new data series that had started in 2012-2013. Real GDP growth for fiscal year 20 is 4.2%, which is also the weakest in the series.
India’s economy grew at its weakest pace since 2013 between April and June of last year, as consumer demand and government spending slowed amid global trade frictions, increasing the chances that the bank Central will cut interest rates further at your next meeting. Asia’s third-largest economy expanded by just 5.0% year-on-year, growing by 8% in the same quarter of 2018 and by 5.8% in the previous quarter.
Global economies are experiencing a contraction due to the Covid-19 pandemic. The International Monetary Fund (IMF) has estimated a global contraction of 4.9% in 2020. The economy of the United Kingdom (United Kingdom) has registered a year-on-year decline of 21.7% in the June quarter.
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