India’s gross domestic product (GDP) grew 3.1 per cent in January-March, official data showed on Friday. That was much better than economists’ estimates, but still lower than an expansion of 4.1 per cent estimated in the previous quarter. With that, the annual expansion in the GDP stood at 4.2 per cent in fiscal year 2019-20, marking the lowest pace of growth in 11 years. The official rate of GDP expansion comes days after the country entered a third month of lockdown with few exceptions to curb the spread of the coronavirus pandemic, which has hampered an already-slowing economy and forced many businesses to trim their operations leading to thousands of job losses.
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