New Delhi: India recorded negative growth of 7.3 per cent for FY 2020-21 while the fourth quarter of the fiscal showed a marginal rise of 1.6 per cent. The is the worst ever performance of the Indian economy in more than four decades.
According to the GDP numbers released by the NSO on Monday, it reflects the delicate state of the country’s economy and is all the more glaring since the government started the ‘Unlock’ process from July 2020 onwards.
The fourth-quarter numbers are even more alarming as during the January-March time frame, all sectors had been completely opened and the situation was almost normal, yet a 1.6 per cent growth during the fourth quarter of FY21 shows the economy in dire straits.
“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 ₹ 135.13 lakh crore, as against the First Revised Estimate of GDP for the year 2019-20 of ₹ 145.69 lakh crore, released on 29th January 2021. The growth in GDP during 2020-21 is estimated at -7.3 per cent as compared to 4.0 per cent in 2019-20,” the Ministry of Statistics & Programme Implementation said via a press release.
In FY 2019-20, the GDP had witnessed a poor growth of 4 per cent, an 11-year low, thanks to the contraction in secondary sectors like manufacturing and construction.