Amid COVID-19 disaster, India’s GDP contracts by 23.9% in April-June quarter – Business News , Firstpost

Data launched by the NSSO reveals that the financial system had grown by 5.2% in the identical quarter of final fiscal. The GVA for all sectors, besides agriculture, suffered steep declines

New Delhi: India’s GDP shrank by the steepest ever 23.9 p.c in the April-June interval because the coronavirus lockdowns battered an already slowing financial system, official knowledge confirmed on Monday.

Agriculture was the one outlier as all different sectors, together with manufacturing, building and providers, suffered steep declines.

India’s financial system had grown by 5.2 p.c in the identical quarter of final fiscal, as per the info launched by the National Statistical Office (NSO).

The authorities had imposed a nationwide lockdown from 25 March, 2020 to curb the unfold of COVID-19 infections which adversely impacted all sectors of the financial system.

According to the info, gross worth added (GVA) progress in the manufacturing sector contracted by 39.Three p.c in the primary quarter of 2020-21, from Three p.c growth a 12 months in the past.

However, farm sector GVA grew at 3.Four p.c, in comparison with Three p.c in the corresponding interval of 2019-20.

Construction sector GVA contracted by a whopping 50.Three p.c from 5.2 p.c growth earlier. Mining sector output declined at 23.Three p.c, as towards a progress of 4.7 p.c a 12 months in the past.

Electricity, fuel, water provide and different utility providers phase too shrank by 7 p.c in the primary quarter of 2020-21, towards 8.Eight p.c progress a 12 months in the past.

Similarly, commerce, resort, transport, communication and providers associated to broadcasting declined 47 p.c in the primary quarter from 3.5 p.c progress earlier.

Financial, actual property {and professional} providers fell by 5.Three p.c in Q1 FY21 from 6 p.c progress in similar interval final fiscal.

Public administration, defence and different providers too noticed a decline of 10.Three p.c throughout the quarter below assessment, from 7.7 p.c progress a 12 months earlier.

“GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore, as against Rs 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 percent as compared to 5.2 percent growth in Q1 2019-20,” the NSO stated in an announcement.

“With a view to contain spread of the COVID-19 pandemic, restrictions were imposed on the economic activities not deemed essential, as also on the movement of people from 25 March, 2020. Though the restrictions have been gradually lifted, there has been an impact on the economic activities as well as on the data collection mechanisms,” it added.

It additionally stated the timelines for submitting statutory returns had been prolonged by most regulatory our bodies.

“In these circumstances, the usual data sources were substituted by alternatives like GST, interactions with professional bodies etc. and which were clearly limited,” it stated.

The Centre started easing the lockdown for sure financial actions from 20 April onwards.

Most ranking companies had projected contraction in India’s GDP for the primary quarter of 2020-21.

China’s financial system grew by 3.2 p.c in April-June after recording a decline of 6.Eight p.c in January-March 2020.

Find newest and upcoming tech devices on-line on Tech2 Gadgets. Get know-how information, devices opinions & rankings. Popular devices together with laptop computer, pill and cell specs, options, costs, comparability.

Source hyperlink

What do you think?

Written by Business Boy


Leave a Reply

Your email address will not be published. Required fields are marked *



McDonald’s slams ex-CEO as ‘morally bankrupt’ after he asks for dismissal of chain’s lawsuit against him

Canada to purchase 76 million doses of Novavax coronavirus vaccine, company says