Quick Summary
As per the Estimates of Gross Domestic Product (GDP) for the First Quarter (Q1) of 2020-21 released by the National Statistical Office (NSO), Ministry of Statistics Program Implementation (MoSPI), the real GDP in India contracted by 23.9 per cent during the first quarter of 2020-21 (as against 5.2 per cent growth in Q1 of 2019-20). Indias GDP growth rose to (-) 7.5 percent YoY in Q2 (as against 4.4 per cent growth in Q2 of 2019-20), a sharp rebound from the pandemic induced decline in Q1. Th
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FAQ :
The Indian economy contracted by 23.9% in the first quarter of 2020-21, a significant decline compared to the 5.2% growth in the same period of the previous year.
The industry and services sectors were significantly impacted, estimated to contract by 9.6% and 8.8% respectively. Contact-sensitive services like trade, hotels, and transport saw a contraction of 21.4%.
The government announced the AtmaNirbhar Bharat Mission, a special economic and comprehensive package amounting to about Rs. 27.1 lakh crore, which is over 13% of India's GDP.
Measures included in-kind and cash transfers for households, employment generation schemes like Pradhan Mantri Garib Kalyan Rojgar Abhiyaan, increased allocation for MGNREGS, and credit support for MSMEs and NBFCs.
The agriculture and allied sector was a bright spot, estimated to grow at 3.4% in 2020-21, helping to cushion the overall economic shock.
Following the contraction in 2020-21, India's GDP growth is estimated to grow by 10.5% in 2021-22, indicating a strong path to recovery.
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