India’s GDP growth contract by 23.9% in the April-June quarter: MOSPI
According to the National Statistical Office (NSO), Union ministry of statistics and program implementation (Mospi), India’s gross domestic product (GDP) contract by 23.9% (-23.9%) in the April-June period quarter of 2020 due to downfall in businesses and livelihood amid COVID-19 pandemic induced nationwide lockdown restrictions.
This data states the slowing of consumer spending, private investments and contraction in exports in the March quarter. The growth of the Indian economy in the Q4 FY20 (January-March) quarter was also at the slowest pace in eight years at 3.1%.
India’s real GDP fell to 26.9 lakh crore in constant terms, 23.9% lower than a year ago.
Nominal GDP fell to Rs 38.08 lakh crore, 22.6% lower than the same period last year.