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India’s GDP shrinks 7.3 pc in 2020-21, worst in four decades

GDP contraction


India’s GDP shrinks 7.3 pc in 2020-21, worst in four decades

India’s economy grew by 1.6 per cent in the fourth quarter of 2020-21, restricting the full-year contraction to 7.3 per cent, official data showed on Monday. The fourth quarter growth was better than the 0.5 per cent expansion in the previous October-December quarter of 2020-21.

The gross domestic product (GDP) had expanded by 3 per cent in the corresponding January-March period of 2019-20, according to data released by the National Statistical Office (NSO).

In 2020-21, the Indian economy contracted by 7.3 per cent against 4 per cent expansion in 2019-20, showing the economic impact of the COVID-19 pandemic.

The NSO had projected a GDP contraction of 7.7 per cent in 2020-21 in its first advance estimates of national accounts released in January this year.

Also Read: Industry and business activities vulnerable due to low COVID-19 vaccination numbers

The NSO, in its second revised estimates, had projected a contraction of 8 per cent for 2020-21. China has recorded a 18.3 per cent growth in January-March 2021.

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