India quarterly growth slumps to 3.1%, worst in two decades
Mumbai: India’s economy grew at its slowest pace in at least two decades in the January-March quarter, according to government figures, with warnings of worse to come as it grapples with the fallout of the world’s largest coronavirus lockdown.
Asia’s third-largest economy expanded by just 3.1 percent during the period which coincided with the first week of a months-long shutdown, with the next quarter expected to reflect a severe contraction as manufacturing, services and consumption came to a grinding halt.
Annual growth hit an 11-year low, coming in at 4.2 percent, the slowest pace of expansion since the 2008 global financial crisis. – AFP