New Delhi: India’s Gross Domestic Product (GDP) contracted 7.3 per cent in the pandemic battered 2020-21 financial year, as compared to 4 per cent growth in 2019-20.
According to the data released by the Ministry of Statistics & Programme Implementation, India’s Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2020-21 is now estimated to attain a level of Rs. 135.13 lakh crore, as against the First Revised Estimate of GDP for the year 2019-20 of Rs. 145.69 lakh crore, released on 29th January 2021.
“GDP at Current Prices in the year 2020-21 is estimated to attain a level of Rs. 197.46 lakh crore, as against the First Revised Estimates of Rs.203.51 lakh crore in 2019-20, showing a change of -3.0 percent as compared to 7.8 percent in 2019-20.
During the fourth quarter (January-March), India’s GDP grew by 1.6 percent.
“GDP at Constant (2011-12) Prices in Q4 of 2020-21 is estimated at Rs.38.96 lakh crore, as against Rs.38.33 lakh crore in Q4 of 2019-20” the government report said.
India’s GDP growth contracted by 24.4 per cent and 7.3 percent in the April-June (Q1) and July-September quarter due to nationwide lockdown necessitated by the first wave of COVID-19 pandemic. However, in the in 3rd quarter GDP growth recovered to 0.4 percent.