Indias economy resurfaced to growth territory in the third quarter of fiscal year (FY) 2020-21, clocking a 0.4% rise in the gross domestic product (GDP), as per data from the National Statistical Office (NSO).
GDP had shrunk in the first two quarters by 24.4% and 7.3% as per revised data, amid the COVID-19 pandemic and lockdowns, marking a technical recession. The NSO has also revised its advance national income estimates for FY21 to project an 8% decline in GDP, compared with the 4% growth seen in FY20. The NSO had earlier estimated a 7.7% shrinkage for FY21.
The Finance Ministry termed the 0.4% real GDP growth in Q3 as a return to the pre-pandemic times of positive growth rates and a reflection of a further strengthening of V-shaped recovery that began in Q2.
Indias farm sector remained resilient, clocking a 3.9% growth in Gross Value Added (GVA) to the economy in the October-to-December quarter, after recording a 3.3% and 3% rise in the first two quarters, respectively.
https://www.thehindu.com/business/Economy/india-out-of-recession-gdp-grows-04/article33944999.ece
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Indias economy resurfaced to growth territory in the third quarter of fiscal year (FY) 2020-21, clocking a 0.4% rise in the gross domestic product (GDP), as per data from the National Statistical Office (NSO). GDP had shrunk in the first two quarters by 24.4% and 7.3% as per revised data, amid the COVID-19 pandemic and lockdowns, marking a technical recession. The NSO has also revised its advance national income estimates for FY21 to project an 8% decline in GDP, compared with the 4% growth seen in FY20. The NSO had earlier estimated a 7.7% shrinkage for FY21. The Finance Ministry termed the 0.4% real GDP growth in Q3 as a return to the pre-pandemic times of positive growth rates and a reflection of a further strengthening of V-shaped recovery that began in Q2. Indias farm sector remained resilient, clocking a 3.9% growth in Gross Value Added (GVA) to the economy in the October-to-December quarter, after recording a 3.3% and 3% rise in the first two quarters, respectively. https://www.thehindu.com/business/Economy/india-out-of-recession-gdp-grows-04/article33944999.ece
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