The impact of the coronavirus epidemic and the lockdown imposed on it is clearly visible on the Indian economy. According to the data released by the government, the country's GDP growth rate has fallen to 3.1 percent in the January-March quarter.
According to the data, in the last financial year 2019-20, the growth rate of GDP has come down to an 11-year low of 4.2 percent.
The official rate of GDP came just days after entering the third month of the ongoing lockdown in the country. Lockdown has been in force in the country since March 25 to prevent the infection of coronaviruses. The lockdown further damaged the already slowing economy and many entrepreneurs have had to cut back on their operations, leaving thousands of people unemployed.
This information has been given in the data released on Friday by the National Statistics Office (NSO). The Kovid-19 crisis has also had an impact on the growth rate figures. In the same quarter of the previous financial year, the economic growth rate was 5.7 percent. The growth rate of GDP has come down to 4.2 percent in the last financial year, from 6.1 percent in the previous financial year. The government announced a lockdown on March 25 to control Kovid-19. But during January-March, worldwide economic activity remained sluggish, which also affected the Indian economy.
The Reserve Bank of India had projected economic growth to be five percent in 2019-20. The NSO had projected a growth rate of five percent in the first and second advance estimates released in January and February this year. China's economy has declined by 6.8 percent during January-March 2020 due to the corona virus epidemic.
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