Earlier, India recorded a decline in GDP for two consecutive quarters. In the first quarter i.e., April-June quarter, growth had registered a 23.9% decline
New Delhi| India came out of a Technical recession by recording a GDP growth rate was 0.4% in the October-December 2020 quarter. India’s economy grew by 0.4% in the third quarter as per the data released on Friday by the NSSO. The government figures also said that the country’s GDP may fall by 8% in this financial year 2020-21.
The economy comes out of a technical recession
The country’s economy came out of the technical downturn as it recorded growth in the third quarter. Earlier, India recorded a decline in GDP for two consecutive quarters. In the first quarter i.e., April-June quarter, the Indian economy had registered a 23.9% decline in growth due to aftershocks caused by the coronavirus epidemic. Thereafter, in the second quarter i.e. July-September, there was a 7.5% decline in Gross Domestic Product.
Estimated GDP Rs 36.22 Lakh Crore
Based on 2011-12, the estimated GDP in the third quarter of 2020-21 has been Rs 36.22 lakh crore. It was Rs 36.08 lakh crore in the same period a year ago. Growth in GDP is down 8% during 2020-21. Whereas in 2019-20 it was in the lead of 4%.
Recovery in activities seen in January
This year’s Gross Domestic Product data showed a recovery in business activity in January. The services sector has grown for the fourth consecutive month. Economic activities have seen a surge in the month of January. There has also been a boom in export and factory activities. The Reserve Bank has projected a growth of 10.5% in the country’s economy in FY 2022. The International Monetary Fund (IMF) has said that the Indian economy is projected to grow by 11% over the same time period.
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