‘Commentary on Economic Mismanagement’: Chidambaram on GDP Dip
Of the 91 days of Q4, the lockdown applied to only seven days of the given fiscal quarter, the Congress leader said.
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As India's GDP growth rate came down to 3.1 percent in the last quarter of 2019-20 fiscal from 4.1 percent in Q3, senior Congress leader P Chidambaram on Friday, 29 May slammed the central government, saying the latest figures were a “running commentary on economic mismanagement in the country”.
The former Union Finance Minister tweeted: "We had forecast that the Gross Domestic Product for Q4 will touch a new low at below 4 per cent. It has turned out to be worse at 3.1 percent "
He said that these figures are for pre-lockdown period. Of the 91 days of Q4, the lockdown applied to only seven days of the given fiscal quarter, the Congress leader said.
A massive contraction in manufacturing and construction activities pulled India's GDP growth rate down to 3.1 percent in the last quarter of 2019-20 fiscal from Q3's 4.1 percent and 5.7 percent rise reported for the like period of the previous fiscal.
Consequently, India's FY20 GDP declined to 4.2 percent from 6.1 percent in FY19.
On a sequential basis, the quarterly growth rate has progressively come down from 5.2 percent in Q1 of 2019-20 to 4.4 percent in Q2 and 4.1 percent in Q3.
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