New Delhi: The data released by the National Statistical Office on Friday stated that India’s Gross Domestic Product (GDP) contracted 7.5% in the July-September period in comparison to the same period last year. The development comes after the Reserve Bank of India (RBI) had earlier estimated that the economy will contract by 9.5% for the full fiscal year. Also Read - Economy in Recovery Phase, India's GDP to Expand by 11% in FY21-22: Fitch
“The GDP at constant (2011-12) prices in Q2 of 2020-21 is estimated at Rs 33.14 lakh crores, as against Rs 35.84 lakh crores in Q2 of 2019-20, showing a contraction of 7.5% as compared to 4.4% growth in Q2 of 2019-20,” the Ministry of Statistics and Programme Implementation said. Also Read - Impact of Coronavirus Pandemic? Real GDP Likely to Contract by 7.7% in 2020-21
“Quarterly GVA at Basic Prices at Constant (2011-12) Prices for Q2 of 2020-21 is estimated at Rs 30.49 lakh crore, as against Rs 32.78 lakh crore in Q2 of 2019-20, showing a contraction of 7 per cent,” it added. Also Read - Over 1.7 Million People Died Due to Air Pollution, India Suffered 1.4% GDP Loss in 2019: Report
The gross domestic product (GDP) had expanded by 4.4 per cent in the corresponding July-September period of 2019-20, according to data released by the National Statistical Office (NSO).
The economy had shrunk by an unprecedented 23.9 per cent in the first quarter of this fiscal due to the coronavirus pandemic and resultant lockdowns.
China’s economy grew by 4.9 per cent in July-September this year, faster than the 3.2 per cent growth in April-June 2020.
In the last April-June quarter, the GDP had contracted by 23.9 per cent on the back of a strict coronavirus lockdown.
Prior to this, the RBI had said that India is in a technical recession. The RBI had also expected a contraction in the second quarter of the fiscal.