Featured

In Worst Contraction, Indian Economy Slips By 23.9% In Q1 Of 2020-21

By
OB Bureau

New Delhi: The dreaded figures out.

Thanks to the coronavirus-induced nationwide lockdown covering most of the first quarter of financial year 2020-21, India’s Gross Domestic Product (GDP) for April-June (Q1) has slipped by a steep 23.9 per cent.

It’s the worst contraction in the history of the Indian economy.

This is as per provisional estimates released by Ministry of Statistics and Programme Implementation (MoSPI) on Monday. The corresponding figure for Q1 of 2019-20 was a 5.2 per cent increase.

To put things in perspective, in the preceding quarter, that is January-March (Q4) of 2019-20, there was a 3.1 per cent growth in GDP.

Economists and other experts had all predicted a fall in GDP for Q1 of 20-21, but the actual figures are worse than those projected. A Bloomberg study had estimated that the decline will be to the tune of 18 per cent for the quarter ending in June 2021.

A State Bank of India (SBI) report earlier this month had predicted said the country’s GDP to contract by 16.5 per cent during the same period.

During the strict lockdown, only essential services like food items and medicines were allowed as the government tried to curb the spread of the deadly virus in India.

All key sectors except agriculture contracted during March-June 2021. Construction plummeted by a whopping 50.3 per cent and manufacturing sector witnessed a 39.3 per cent fall. Trade, hotels, transport, communication shrunk by 47 per cent.

On the other hand, agriculture, forestry and fishing industry saw a growth of 3.4 per cent during this period.

OB Bureau

Recent Posts

New Artist To Play King Kansa Role During Dhanu Yatra In Odisha’s Bargarh

Bargarh: A new artist will be selected to play the mythological character King Kansa during…

November 22, 2024

Shah Rukh’s Daughter Suhana Khan Brutally Trolled For Vivo Ad [Watch]

Mumbai: Suhana Khan will be making her Bollywood debut with ‘King’ along with her superstar…

November 22, 2024

Badshah Comes Out In Support Of Diljit Dosanjh In Alcohol Controversy

New Delhi: After Diljit Dosanjh called out the double standards of Telangana government for banning…

November 22, 2024

World War 3 Has Begun, Says Ukraine’s Former Military Chief

New Delhi: Recent actions and counter-actions in the Russia-Ukraine conflict have pushed the world to the…

November 22, 2024

3 Arrested With Fake IPS Officers’ Uniforms, Identity Cards In Odisha’s Balangir

Balangir: Three persons were arrested and fake IPS officers’ uniforms along with fake identity cards…

November 22, 2024

‘I Want To Talk’: Twitterati Lauds Abhishek Bachchan, Say He Is Better Than Amitabh

Mumbai: Abhishek Bachchan’s highly-anticipated film ‘I Want To Talk’ released in theatres on Friday, and the…

November 22, 2024

Cash-For-Vote Row: BJP Leader’s Defamation Notice Against Rahul Gandhi, Kharge

New Delhi: Accused of giving cash to secure votes ahead of election day in Maharashtra,…

November 22, 2024

CM Mohan Majhi Attends ‘Odisha State Day’ Celebrations At IITF In Delhi

Bhubaneswar: Chief Minister Mohan Charan Majhi attended the ‘Odisha State Day Celebrations’ at the 43rd…

November 22, 2024