GDP growth rate being positive again is a sign of the economy returning to track
New Delhi:
The Indian economy has recovered from the recession. It has achieved a GDP growth rate of 0.4 per cent in the third quarter of the financial year 2020-21 and is also positive Economic growth rate Has returned to track India’s first two quarters of FY 2020-21 GDP growth The rate was negative. In the Corona period, the growth rate was 23.9 percent in the first quarter due to the effect of lockdown, while in the second quarter it was recorded at -7.5 percent.
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However, it was estimated that the growth rate could be 0.5 percent in the third quarter of the financial year. But according to data from the National Statistics Office, GDP growth in the third quarter of October-December was 0.4 per cent. India has joined the select countries which have regained positive growth rate in the late 2020s. But there is a concern in some parts of the country due to the increase in corona cases again.
According to the NSO, GDP was -23.9 per cent in the first quarter of April-June of fiscal year 2020-21 due to the effects of the Corona era restrictions, while it improved slightly to -7.5 per cent in the second quarter of July-September. In this way India was technically hit by recession.
According to the Reuters estimate of 58 economists, the growth rate will be 10.5 percent next year. Economists say that with the increase in government spending, customer demand and consumption in the current and next financial year, economic activities will intensify, which will also affect the GDP growth rate.