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Biz EOD: India's GDP growth lower than 2009; core industries' output declines; credit card, MSME loans fall

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twitter-logoBusinessToday.In | May 30, 2020 | Updated 00:03 IST
Biz EOD: India's GDP growth lower than 2009; core industries' output declines; credit card, MSME loans fall
Top stories from the world of business and economy

India's gross domestic product (GDP) grew at 3.1 per cent in the final quarter of the financial year 2019-20, lowest in 44 quarters. Output in eight core industries of India during April declined by 38.1 per cent, according to data released by the government. The latest data from the Reserve Bank of India for 29 days between March 27 and April 24 shows a de-growth in the loan book of banks. Read for more top stories from the world of business and economy:

1. Govt lowers GDP growth rates for Q1, Q2 and Q3 in revised data

GDP growth has now been revised to 4.4 per cent in Q2 compared to 5.09 per cent earlier

2. India's Q4 GDP growth falls to 3.1% - worst since 2009 global financial crisis

India's gross domestic product (GDP) growth in Q4FY20 is the lowest in 44 quarters, according to the data by Central Statistics Office (CSO).

3. Coronavirus impact: Output in eight core industries declines 38% in April

All eight core sectors reported massive decline in production during April, with coronavirus-mandated lockdowns in place. Cement and steel reported the biggest losses in output at 86 per cent and 83.9 per cent, respectively.

4. India's FY20 fiscal deficit at 4.59% of GDP, surpasses budget target of 3.8%

The fiscal deficit is 122 per cent of Rs 7.67 lakh crore budget aim of the government for fiscal 2019-20.

5. Credit card, personal and MSME loans fall up to 10% during coronavirus lockdown

This is despite the borrowers opting for loan moratorium, which ideally increases the outstanding loan book because the deferred interest and principal get added to the loan amount.

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