Senior Congress leader and former Finance Minister P Chidambaram has said the 3.1 per cent GDP growth in the January-March quarter of 2019-20 is a telling commentary on the economic management of the BJP government.
“We had forecast that GDP for Q4 will touch a new low at below 4 per cent. It has turned out to be worse at 3.1 per cent. It is a telling commentary on the economic management of the BJP government,” he tweeted.
We had forecast that GDP for Q4 will touch a new low at below 4 per cent
It has turned out to be worse at 3.1 per cent.
— P. Chidambaram (@PChidambaram_IN) May 29, 2020
“Remember, this is pre-lockdown. Of the 91 days of Q4, lockdown applied to only 7 days,” the former finance minister said.
India”s economic growth slowed to 3.1 per cent in January-March and to an 11-year low of 4.2 per cent for the full fiscal 2019-20 amid a drop in consumption and investment.
The Gross Domestic Product (GDP) growth stood at 5.7 per cent in the corresponding quarter of 2018-19, according to the data released by the National Statistical Office (NSO).
During 2019-20, the Indian economy grew at 4.2 per cent as against 6.1 per cent in 2018-19. The economic growth was the lowest since 2008-09 when the economy had expanded at 3.1 per cent.
The government had imposed a lockdown to curb the spread of COVID-19 from March 25, 2020.