India’s Q4 GDP Growth At 1.6 Per Cent, Contracts 7.3 Per Cent In FY21: Govt Data

TPI Staff May 31, 2021

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India’s Q4 GDP Growth At 1.6 Per Cent, Contracts 7.3 Per Cent In FY21: Govt Data — For Representative Purpose Only

Mumbai: India’s Gross Domestic Product (GDP) is 7.3 per cent contracted in the COVID-19-battered financial year 2020-21 (FY21) compared to a 4 per cent increase in the previous FY 2019-20 (FY20).

Estimates of the country’s real GDP or GDP at prices adjusted for inflation for the full year 2020-21 were 135.13 lakh crore rupees, or $ 1.86 trillion, while the first revised estimate of GDP for FY 2020 was 145.69 lakh crore rupees, or $ 2.01 Trillion. GDP growth is projected to be -7.3 per cent during 2020-21 as compared to 4.0 per cent in 2019-20. This is the first annual economic contraction in 40 years.

During the January-March quarter or fourth quarter (Q4) of FY 2011, GDP grew by 1.6 per cent compared to the same period in the previous year.

The Ministry of Statistics stated, “GDP at Constant (2011-12) Prices in Q4 of 2020-21 is estimated at Rs 38.96 lakh crore, as against Rs 38.33 lakh crore in Q4 of 2019-20, showing a growth of 1.6 per cent.”

GDP is obtained as the sum of all subsidies on products minus the gross value added (GVA) at basic prices and all taxes on products. The total tax revenue used for GDP compilation includes non-GST revenue and GST revenue.

“The measures taken by the government to contain the spread of the Covid-19 pandemic have had an impact on economic activities as well as on data collection mechanisms,” said a statement issued by the NSO.

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