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Economy

India's GDP growth slows to 11-year low of 3.1% in Jan.-March

Asia's third largest economy braces for worst recession in seven decades

A sales woman wearing a face shield and a mask arranges gold bangles at a jewelry showroom during an extended lockdown to slow the spread of the coronavirus in Kolkata, India.   © Reuters

NEW DELHI -- India's economy grew 3.1% in the January-to-March quarter, official data released Friday showed, as the coronavirus pandemic and the nationwide lockdown to curb its spread hit consumers and a broad range of industries.

Growth in the country's gross domestic product, the slowest since the January-to-March quarter of 2009, beat market expectations. The State Bank of India, country's largest state-owned commercial bank, forecast 1.2% for the quarter, while a Reuters poll predicted an expansion of 2.1%. The growth rate of the previous three months ended December was revised down to 4.1%, from the previously announced 4.7%.

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