24 GDP, 10 ||GDP Shrunk by 23.9 percent, Ten Lakh crore wiped out
India's gross domestic product (GDP) contracted 23.9 percent in the first quarter of the financial year 2020-21, the lowest in 24 years, according to the government data released on Monday. This is the worst quarterly GDP numbers ever recorded since India started compiling GDP data on a quarterly basis in 1996. The number announced by the government is in consonance with market expectations considering the economic disruption caused by coronavirus pandemic and subsequent lockdown across the country, which began in the last week of March.
"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," as per the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
The data showed manufacturing, construction and trade sectors reported massive slump of 39.3 per cent, 50.3 per cent, 47 per cent, respectively. The government expenditure, as represented by the public administration services, contracted by 10.3 per cent, while mining and electricity sector contracted by 23.3 per cent and 7 per cent, respectively.
Agriculture was the only sector that reported positive growth of 3.4 per cent on the back of good monsoon and robust kharif sowing and rabi production.
"Real GDP growth at minus 23.9 per cent in Q1 FY21 was much lower than what markets were expecting. The print indicates that the trough in the economy was much lower than expected and the pickup will likely be more elongated.
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24 GDP, 10 ||GDP Shrunk by 23.9 percent, Ten Lakh crore wiped out India's gross domestic product (GDP) contracted 23.9 percent in the first quarter of the financial year 2020-21, the lowest in 24 years, according to the government data released on Monday. This is the worst quarterly GDP numbers ever recorded since India started compiling GDP data on a quarterly basis in 1996. The number announced by the government is in consonance with market expectations considering the economic disruption caused by coronavirus pandemic and subsequent lockdown across the country, which began in the last week of March. "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," as per the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation. The data showed manufacturing, construction and trade sectors reported massive slump of 39.3 per cent, 50.3 per cent, 47 per cent, respectively. The government expenditure, as represented by the public administration services, contracted by 10.3 per cent, while mining and electricity sector contracted by 23.3 per cent and 7 per cent, respectively. Agriculture was the only sector that reported positive growth of 3.4 per cent on the back of good monsoon and robust kharif sowing and rabi production. "Real GDP growth at minus 23.9 per cent in Q1 FY21 was much lower than what markets were expecting. The print indicates that the trough in the economy was much lower than expected and the pickup will likely be more elongated.