New Delhi: A massive contraction in manufacturing and construction activities pulled India’s GDP growth rate down to 3.1 per cent in the last quarter of 2019-20 from Q3’s 4.1 per cent and 5.7 per cent rise reported for the like period of the previous fiscal.
On a sequential basis, the quarterly growth rate has progressively come down from 5.2 per cent in Q1 of 2019-20 to 4.4 per cent in Q2 and 4.1 per cent in Q3.
Last fiscal, the Indian economy faced a severe demand slowdown on account of high GST rates, farm distress, stagnant wages and liquidity constraints.
This time around, the national lockdown implemented to curb the Covid-19 outbreak has delt a severe blow to the economy.
