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.
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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.
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As per AFP, this has marked the country’s worst recession since Independence.
#BREAKING India's economy contracted 7.3% in 2020-21, official data shows, its worst recession since independence as Covid-19 lockdowns put millions out of work pic.twitter.com/tJYx3L47nv
— AFP News Agency (@AFP) May 31, 2021
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).
Also Read: Revival of private consumption, investment critical for post-Covid growth: RBI
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.
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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