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India GDP Q1 Data: India’s economic growth slips 23.9% in Q1 of 2020-21:-Owing to a strict nationwide lockdown due to th...
02/09/2020

India GDP Q1 Data: India’s economic growth slips 23.9% in Q1 of 2020-21:-

Owing to a strict nationwide lockdown due to the novel coronavirus (COVID-19) during the bulk of the first quarter of the financial year 2020-21, India’s Gross Domestic Product (GDP) for the April-June quarter (Q1) slipped by a sharp 23.9 per cent, as per provisional estimates released by Ministry of Statistics and Programme Implementation (MoSPI) on Monday. The GDP had expanded by 5.2 per cent in the corresponding quarter of 2019-20.
The June quarter GDP data is the worst contraction in the history of the Indian economy mainly because the central government on March 25 had ordered a complete lockdown of most of the manufacturing and service sectors owing to the spread of COVID-19. Only essential services such as food items and medicines were allowed during this period as the country tried to curb the spread of the virus across the country.As per the government data, the gross value added (GVA) at basic price at constant terms during the June quarter shrunk 22.8 per cent. The GVA at Basic Price at Current Prices slipped 20.6 per cent in Q1 2020-21.

As per the data by the National Statistical Office (NSO), all key sectors except agriculture witnessed contractions, with construction witnessing a drop of a whopping 50.3 per cent while the manufacturing industry saw a 39.3 per cent fall. Apart from these two industries, electricity, gas, water supply and other utility services slipped 7 per cent. Trade, hotels, transport, communication and services related to broadcasting contracted 47.0 per cent.
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Here's wishing you a very blissful Anant Chaturdashi. May Lord Ganesha bless you with good health, wealth, happiness, pe...
01/09/2020

Here's wishing you a very blissful Anant Chaturdashi. May Lord Ganesha bless you with good health, wealth, happiness, peace and prosperity.
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