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Indian Economy Out of Recession; GDP Grows to 0.4 Percent
On Friday, data released by the National Statistical Office (NSO) showed that India's GDP (gross domestic product) for Q3 estimated at Rs 36.22 lakh crore, as against Rs 36.08 lakh crore, showing a growth of 0.4 percent.
In the October-December quarter, after contracting for two quarters in a row, the Indian economy expanded by 0.4% in the midst of a coronavirus pandemic.
GDP growth is expected to be -8.0 percent in 2020-21 compared to 4.0 percent in 2019-20, said the government on Friday as part of its second advance estimates of the economic growth.
The steps taken by the Government to curb the spread of the Covid-19 pandemic have had an impact on economic activities and data collection mechanisms.
Gross Domestic Product (GDP) is widely used to measure the performance of the economy of a country. GDP statistic depicts the monetary value of all the goods and services produced within the country for a given period of time.
The government data showed that GDP at constant prices for the third quarter is estimated to attain a level of Rs 195.86 lakh crore, as against Rs 203.51 lakh crore in 2019-20, showing a growth rate of -3.8 percent.
As for April-January, the 8 core industries (IIP) data recorded year-on-year at -8.8 vs. 0.8 percent. The annual growth of 8 core industries stood at 0.1 percent vs. 0.2 percent in December.
Earlier this month, addressing the press, the RBI governor Shaktikanta Das said that the central bank had projected GDP at 10.5% for the financial year 2021-22 adding that "outlook on growth has turned positive; signs of recovery strengthen further."
As per the 2020-21 Economic Survey, tabled in parliament by Finance Minister Nirmala Sitharaman, India's real gross domestic product (GDP) was projected to rise by 11 percent in the 2021-22 financial year.
On average, analysts at almost all credit rating agencies and brokerages had projected positive economic growth of 0.4-0.7 percent for the economy, which in the first quarter contracted a record high of 23.9 percent and 7.5 percent in the second quarter of the current fiscal.
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