“The deterioration in aggregate demand conditions in 2019-20 was exacerbated by contraction in investment, and moderation in government expenditure in H2. On the supply side, agriculture and allied activities accelerated, buoyed by the late surge in south-west monsoon rainfall and bountiful north-east monsoon precipitation,” the report said.

“However, industrial growth decelerated, led by a slowdown in manufacturing activity. Services sector activity moderated, pulled down by a slowdown in construction; trade, hotels, transport and communication; and public administration, defence and other services,” the report stated.