According to the data released by the government on Monday, India’s economy grew at a rate of 1.6 percent during the fourth quarter (January-March) of 2020-21, while the GDP declined by 7.3 percent during the entire financial year.
However, the growth rate during January-March 2021 was better than the 0.5 percent growth of the previous quarter October-December 2020.
According to the data released by the National Statistics Office (NSO), there was an increase of three percent in the gross domestic product (GDP) during the January-March quarter in 2019-20.
According to the data, the size of the Indian economy contracted by 7.3 percent during 2020-21, while the economy had grown at the rate of four percent in the previous financial year.
The NSO had said on the basis of its first advance estimates released in January this year that GDP would fall by 7.7 percent during 2020-21.
China has recorded an economic growth of 18.3 percent in January-March 2021.
Will the effect of the second wave of corona also be seen?
These GDP figures have told how Corona has done more damage to the already falling economy. However, this figure is from April 2020 to March 2021. But the second wave of Corona caused havoc in April and May. That is why the effect of the second wave can also be seen further.
Let us tell you that before this, a huge decline in GDP was estimated by all the agencies and the government itself. In the estimate made by the central government in February, it was told that a decline of up to 8 percent can be recorded in the GDP. While the rating agency ICRA had made an accurate estimate of GDP, it said that there could be a decline of up to 7.3 percent in 2020-21.
