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:
GDP growth has now been revised to 4.4 per cent in Q2 compared to 5.09 per cent earlier
India's gross domestic product (GDP) growth in Q4FY20 is the lowest in 44 quarters, according to the data by Central Statistics Office (CSO).
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.
The fiscal deficit is 122 per cent of Rs 7.67 lakh crore budget aim of the government for fiscal 2019-20.
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.