India’s economy shrinks, GDP down by record 7.3 pc in FY21

India economy, GDP Growth

India’s economic growth rate plunged (-) 7.3 per cent from a rise of 4 per cent in 2019-20. It grew by 1.6 per cent in the fourth quarter of 2020-21, official data showed on Monday.

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).

GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in year 2020-21 attained 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, the data added.

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 an 18.3 per cent growth in January-March 2021.

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