new Delhi. The country’s gross domestic product (GDP) declined by 23.9 percent in the first quarter of the current fiscal year 2020-21. The Corona epidemic has had a huge impact on the country’s economic development. This is evident from the official figures of the first quarter gross domestic product (GDP) of the current financial year released on Monday. According to experts, the figures released by the government are the worst in 40 years.
Nearly 24 percent of GDP fell
As per the official figures of GDP released by the National Statistics Office (NSO), based on the constant value (2011-12), the GDP in the first quarter of the current financial year 2020-21 stood at Rs 26.90 lakh crore as against the corresponding figure for the previous fiscal 2019-20 GDP was Rs 26.90 lakh crore in the quarter. Thus, there was a contraction of 23.9 per cent in GDP in the quarter under review as compared to a growth of 5.2 per cent in the same quarter last year.
GVA falls by nearly 23 percent
At the same time, GDP at the current price was Rs 38.08 lakh crore in the first quarter of 2020-21 as compared to Rs 49.18 lakh crore in the same quarter last year, indicating a contraction of 22.6 per cent. The GDP rate was 3.1 per cent in the last quarter of FY 2019-20. At the same time, according to the data of NSO, the Gross Value Added declined by 22.8 percent.
Fiscal deficit increased
According to the data released by the National Statistical Office, India’s fiscal deficit in April to July has been Rs 8.21 lakh crore. 5.47 lakh crore in the same period last year. The total fiscal deficit in the first quarter reached 103.1 per cent of the budget estimate. According to the Ministry of Commerce, the combined index of 8 core industries stood at 119.9 in this quarter. There was a decrease of 9.6 percent over the previous year. According to the information from the ministry, the growth of core industries was 20.5% in the first quarter of FY 2020-21.
How much growth in which sector
– The hotel industry’s growth rate — 47 percent in the first quarter of FY 2020-21.
– GDP growth rate in the industrial sector was minus 38.1%.
– The rate of economic growth in the services sector was -20.6 percent.
Talking about the manufacturing sector, the GDP rate was minus 39.3 percent.
– Agriculture sector remained positive. The growth rate of this sector during the Corona period was 3.4%.
– Mining has a growth rate of -23.3%.
– Power and Gas saw a growth rate of -7%.
– Public administration saw a growth rate of -10.3%.
– Construction sector saw maximum of -50.3 percent.
– Real estate has seen a growth rate of -5.3%.