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Home / News / Business News / Amid COVID-19 outbreak, India's GDP contracts 7.3% in FY2020-21
Business

Amid COVID-19 outbreak, India's GDP contracts 7.3% in FY2020-21

Amid COVID-19 outbreak, India's GDP contracts 7.3% in FY2020-21
Written by Siddhant Pandey
May 31, 2021, 07:10 pm 2 min read
Amid COVID-19 outbreak, India's GDP contracts 7.3% in FY2020-21
India the January-March quarter of FY2020-21, India's GDP grew at 1.6%.

As the second wave of COVID-19 has disrupted regular life, India's Gross Domestic Product (GDP) contracted 7.3% in the financial year 2020-21, data shared by the government showed on Monday. In the fourth January-March quarter, when infections had declined, a growth of 1.6% was recorded. In comparison, the GDP growth rate had stood at an 11-year low of 4.2% in FY 2019-20.

Details
Central Statistics Office data revealed India's GDP

Data revealed by the Central Statistics Office (CSO) on Monday evening showed that India's GDP contracted 7.3% in the last fiscal. Notably, in the first April-June quarter, at the height of the lockdown, India's GDP had shrunk by 24.38%. India's GDP growth rate had only turned positive by the third quarter of FY2020-21 when it stood at 0.4% and exited recession.

Information
Economic slowdown attributed to COVID-19, lockdown

The economic slowdown has been attributed to COVID-19 and the lockdown imposed to limit its spread, which also limited economic activities. India's COVID-19 outbreak had notably peaked in September, which was followed by a decline in infections. Currently, the country is battling a second wave.

Predicitions
Earlier estimates had predicted worse contraction

The CSO had previously projected a GDP contraction of 8% in FY2020-21, indicating a contraction of 1.1% in the fourth quarter. Meanwhile, the Reserve Bank of India (RBI) had projected a 7.5% contraction. However, several experts had projected that the economic recovery would be stronger than expected. A recent Reuters poll of economists had suggested that India's economy accelerated in the January-March quarter.

Fiscal deficit
India's fiscal deficit for FY21 stands at 9.3%

According to data shared by the Controller General of Accounts (CGA) on Monday, India's fiscal deficit for FY2020-21 stood at 9.3%. In absolute terms, it stood at Rs. 18,21,461 crore. The figure was lower than the 9.5% previously projected by the Union Finance Ministry in the revised Budget estimates. The revenue deficit at the end of the fiscal was 7.42%, the CGA data showed.

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Siddhant Pandey
Siddhant Pandey
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Siddhant Pandey covers national and health news at NewsBytes. He has over five years of experience working as a multimedia journalist covering hard news in New Delhi. He was previously employed with The Indian Express and News World India and has juggled roles as a correspondent, copy editor, and video producer. He holds a Bachelor’s degree in Biotechnology from the Jaypee Institute of Information Technology, Noida.
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