India’s GDP grew at 0.4% in Q3 of FY21 between October-December 2020, the National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation (MOSPI) announced on Friday. GDP had expanded by 3.3% in the corresponding period of 2019-20, according to the NSO.
For FY21, NSO projected that the economy would contract by 8%, as opposed to a growth of 4% in the preceding year. With this, India exits the technical recession it entered after the economy declined in July-September 2020, which was the second contraction in a row.
The ministry said that Real GDP in 2020-21 is estimated to be at Rs 134.09 lakh crore, as against the first Revised Estimate of GDP for the year 2019-20 of Rs 145.69 lakh crore.
In a statement, NSO said that the measures taken by the Union government to contain the spread of COVID-19 has “had an impact on the economic activities as well as on the data collection mechanisms.”
Report by Chetali S M
Reported on – 26/02/2021