In a sign that the economy is headed for greater turbulence, India’s growth in gross domestic product (GDP) in January-March, or the final quarter of 2019-20, decelerated to 3.1%.
The tepid performance pulled the full-year growth rate down to an 11-year low of 4.2%, from 6.1% a year ago, according to government data.
The full-year reading is even lower than the most recent estimate of a 5% expansion made by the government. Though worrying, the readings don’t come as a big surprise.
The economy had been on a steady decline even before covid-19 struck. This is evident from the growth figures of recent quarters.