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In 2020-21, the Indian economy contracted by 7.3% against 4% expansion in 2019-20, showing the economic impact of the Covid-19 pandemic
With states now easing restrictions, economic activity in May is likely to signify the trough
India’s economy grew by 1.6% in the fourth quarter of 2020-21, restricting the full-year contraction to 7.3%, official data showed on Monday.
The fourth-quarter growth was better than the 0.5% expansion in the previous October-December quarter of 2020-21.
The gross domestic product (GDP) had expanded by 3% in the corresponding January-March period of 2019-20, according to data released by the National Statistical Office (NSO).
In 2020-21, the Indian economy contracted by 7.3% against 4% expansion in 2019-20, showing the economic impact of the Covid-19 pandemic.
The NSO had projected a GDP contraction of 7.7% in 2020-21 in its first advance estimates of national accounts released in January this year. The NSO, in its second revised estimates, had projected a contraction of 8% for 2020-21.