It's the worst economic contraction on record. India's first quarter GDP has fallen a staggering 23.9 percent, reflecting the slowdown caused by the nationwide lockdown. Economists polled by CNBC-TV18 had expected a decline of 19.6 percent.

To break down data, the manufacturing sector contracted over 39 percent, the industrial sector fell 38.1 percent while the services sector saw a 20.6 percent contraction. Agriculture was the only sector that bucked the trend, seeing a 3.4 percent growth during the first quarter.

The decline in consumption during this period is measured in the data that shows private final consumption contracting almost 27 percent when compared to the same period last year.

To discuss the state of the economy and the road ahead, CNBC-TV18's Shereen Bhan and Latha Venkatesh spoke to Chief Economic Advisor to the Government, Krishnamurthy Subramanian.

Watch the video for more.