GDP data: The country’s economic growth was 1.6% in the March 2021 quarter, GDP decreased by 7.3% in the financial year 2021
New Delhi, 31/5 (AO Bureau): The GDP growth rate of the country was 1.6 percent in the January-March 2021 quarter. On the basis of government data, it can be said that the economic growth during the fourth quarter of the financial year 2020-21 has been better than the growth of 0.5 percent recorded in the October-December 2020 quarter. However, GDP growth declined by 7.3 per cent in the entire financial year 2020-21, from 4.0 per cent in the financial year 2019-20. The country’s GDP grew by 3 per cent during the January-March quarter of the financial year 2019-20.
According to data from the National Statistical Office (NSO), the Indian economy declined by 7.3 per cent in the financial year 2020-21. This decline in GDP shows the economic impact of the Kovid-19 epidemic. The NSO had estimated a 7.7 percent decline in GDP in 2020-21 in the first advance estimates of national accounts released in January 2021. After this, the second revised estimate had predicted a fall of 8 percent in the financial year 2020-21. Let us know that China has registered a growth of 18.3 percent in January-March 2021.
The worst performance of the Indian economy in 4 decades, according to government data, the country’s GDP stood at Rs 38.96 lakh crore in the fourth quarter of the financial year 2020-21, compared to Rs 38.33 crore in the fourth quarter of the financial year 2019-20. According to the data released by the Ministry of Statistics, this is the worst performance of the Indian economy in the last 4 decades due to the corona virus epidemic. In the September quarter, the growth rate was down 7.5 per cent. The Corona virus epidemic caused a historic decline in GDP in the first quarter of the financial year 2020-21 and recorded a 23.9 percent decline.
Gross value added growth declined 6.2% in FY 2021
Gross Value Added Growth (GVA Growth) decreased by 6.2 percent in FY 2021. However, in the CNBC-TV18 poll, it was expected to decrease by 6.35 percent. At the same time, GVA growth was 3.7 percent in the March quarter. Let us know that GVA shows the total output and income in an economy. The GVA tells how many rupees of goods and services were produced after extracting the input cost and raw materials in a fixed period. It also shows how much production has been done in a particular area, industry or sector. The figure that is obtained after the removal of subsidy and tax in GDP is GVA.