India’s latest GDP figures show growth stalling to 3.1 per cent in Q4 of 2020 for the January-March quarter, while growth for the FY20 financial year is placed at 4.2 per cent—a drop from 6.9 per cent in FY19
While the impact of COVID-19 was felt only in Q4, the economy was witnessing a slowdown from the beginning of the financial year, as GDP growth in Q1 was 5 per cent, Q2 was 5.1 per cent and Q3 was 4.7 per cent.
According to the Ministry of Statistics and Programme Implementation,
“Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2019-20 is now estimated to attain a level of Rs 145.66 lakh crore, as against the First Revised Estimate of GDP for the year 2018-19 of Rs139.81 lakh crore, released on 31st January 2020. The growth in GDP during 2019-20 is estimated at 4.2 percent as compared to 6.1 percent in 2018-19."
"GDP at Current Prices in the year 2019-20 is estimated to attain a level of ₹ 203.40 lakh crore, as against the First Revised Estimates of ₹ 189.71 lakh crore in 2018-19, showing a growth rate of 7.2 percent as compared to 11.0 percent in 2018-19," the government said in a press release.
MOSPI added that per capita income in real terms had grown by 3.1 per cent in FY20.
“The Per Capita Income in real terms (at 2011-12 Prices) during 2019-20 is estimated to
attain a level of Rs 94,954 as compared to Rs 92,085 in the year 2018-19, resulting in growth of 3.1 percent during 2019-20, as against 4.8 per cent in the previous year. The Per Capita Income at current prices during 2019-20 is estimated to be Rs 134,226, showing a rise of 6.1 percent as compared to ₹ 1,26,521 during 2018-19.”
Likewise, GDP at constant prices (2011-12) grew by 3.1 per cent in Q4, from Rs 36.90 lakh crore to Rs 38.04 lakh crore.
