India’s GDP Records Growth of 0.4% in Q3 of FY 2020-21: Govt Data

This expansion in the Gross Domestic Product comes after contraction in the two previous consecutive quarters.

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Business
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Government data released on Friday, 26 February, evening shows that the Indian economy grew by 0.4 percent in October-December 2020
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Government data released on Friday, 26 February, evening shows that the Indian economy grew by 0.4 percent in October-December 2020, the third quarter of 2020-21.

This expansion in the Gross Domestic Product comes after contraction in the two previous consecutive quarters, data released by the National Statistical Office (NSO) showed.

Meanwhile, the GDP for the entire financial year 2020-21 (FY21) is seen to be contracting by 8 percent, data showed.

Prior to this, with two straight quarters of GDP contraction, India had fallen into a technical recession – the first since India began releasing quarterly estimates of GDP in FY98.

The country had witnessed a sharp contraction in GDP by 23.9 percent in Q1FY21, following the national lockdown due to COVID-19 pandemic. Meanwhile, the GDP for the second quarter from July to September of the financial year 2020-21 had contracted 7.5 percent.

Though not comparable, the GDP had grown by 3.3 percent in the corresponding quarter of FY 2019-20, IANS reported.

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