India's overall GDP for FY20 stands at 4.2% - hitting 11-year low amid lockdown 4.0

Amid India's coronavirus lockdown, India's GDP growth for the January-March quarter (Q4) 2019-20 stands at 3.1%, according to PTI. In comparison, India grew by 4.7% in the previous quarter Q3 of FY 2019-20. The government had revised fiscal deficit target for FY20 to 3.8%, as the nation continues to face the economic consequences of the lockdown which started on March 25. Overall FY 19-20 GDP stands at 4.2%, hitting an 11-year low.

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India's GDP at 3.1% for Q4

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Core sector's growth shrinks

As per industry data for April 2020, eight core industries growth stood at -38.1% in comparison to -9% in March. Moreover, coal sector production is down by 15.5%, Cement production down by 86%, Steel production down by 83.9%, Coal mining down by 15.5%, Electricity production down by 22.8% in April 2020. These markers represent the worst performance by the key infrastructure areas since 2005.

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Centre's economic tranches

In a bid to boost India's economic standstill, PM Modi announced a Rs 20 lakh crore economic package - including the previous monetary package and the liquidity measures announced by RBI till date (amounting to 10.26 lakh crore) to kickstart Indian economy's growth. Since then FM Sitharaman has announced a slew of reforms in five parts to strengthen MSMEs, migrants, street vendors, urban poor, agriculture, animal husbandry and fishing.  She has also announced sectoral reforms in Coal, defence production, minerals, civil aviation (Airports, Airspace Mgmt & MRO), power distribution in UTs, Space, atomic energy and reformed MGNREGA, education and a new PSE policy. 

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India under lockdown

On May 17, the Centre announced the extension of India's nationwide Coronavirus (COVID-19) lockdown till May 31 - the fourth such extension since March 25.  The Ministry of Home Affairs (MHA), has released its detailed guidelines for the extended lockdown, allowing the delineation of red, green and orange zones as per state and UT governments, taking the Ministry of Health & Family Welfare (MoHFW) into consideration. Since then, several states have released their own state guidelines - most easing the lockdown.