By: Ranjini K
September 5 2020
True: India's GDP growth rate falls to the lowest in decades.
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The Verdict True
India's GDP growth had fallen to 3.1 percent in Q4 of 2019-20, it shrank by the steepest extent by 23.9 percent in the first quarter of 2020-21.
Claim ID 417711a0
India's GDP growth had fallen to 3.1 percent in Q4 of 2019-20, it shrank by the steepest extent by 23.9 percent in the first quarter of 2020-21.The COVID-19 lockdown in India has slowed down the growth rate of the Gross Domestic Product(GDP) of India to 3.1 percent in the last quarter of 2019-20. The Indian economy estimated its lowest contraction in decades, with Gross Domestic Production(GDP) shrinking by a record of 23.9 percent in the April to June quarter. The GDP at Constant Prices in Quarter 1 of 2020-21 is estimated at 26.90 lakh crore against 35.35 lakh crore in 2019-20 in Quarter 1, showing a 23.9 percent contraction contrast to 5.2 percent growth in Quarter 1 of 2019-20. It was lower than the government projection of 5 percent in both first and second advance estimates. In 2018-19, the growth rate had stood at 6.1 percent. The January-March quarter growth slumped against the National Statistical Organisation(NSO) 's advance estimate of 4.7 percent because of a contraction in the manufacturing and construction due to the country's COVID-19 lockdown. Shatikanta Das, RBI governor, has warned that GDP growth in 2020-21 is estimated to remain in negative territory and grow in 2021 onwards.