‘Remember, this is pre-lockdown’: Chidambaram warns on India’s 11-year low GDP slump
India’s former finance minister and senior Congress leader P Chidambaram on Friday plugged a reminder on latest Gross Domestic Product data released by the government for the fourth quarter and said that of the 91 days of quarter 4, lockdown applied to only to 7 days. The lockdown, according to the experts, is expected to deliver a blow to Indian economy with most of the country facing severe restriction in economic activities due to the nationwide lockdown.
“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. Remember, this is pre-lockdown. Of the 91 days of Q4, lockdown applied to only to 7 days,” Chidambaram said in a tweet on the government released data for country’s GDP.
“It is a telling commentary on the economic management of the BJP government,” the former finance minister said.
Growth in the gross domestic product (GDP) in 2019-20 hit a 11-year low of 4.2 per cent, the government announced on Friday.
The economic growth slipped to 3.1 per cent in the January-March quarter of 2019-20 showing impact of the coronavirus.
The GDP had expanded by 5.7 per cent in the corresponding quarter of 2018-19, according to data released by the National Statistical Office (NSO) on Friday. The government had earlier projected GDP growth at 5% in 2019-20 as compared to 6.1% in 2018-19.