According to data released by the statistics ministry on Monday evening, real GDP for the April-June 2021 quarter fell by 23.9% in comparison to the same quarter a year ago.
By most estimates, this is the first time that the Indian economy has seen a contraction in at least four decades and is the first GDP decline since the country began publishing quarterly growth figures in 1996.
India went into a full lockdown towards the end of March 2020, with the supply of all non-essential goods and services screeching to a near halt for most of April 2020 and May 2020.
Estimates put out by Bloomberg had predicted GDP for Q1 to slump by 19.2%, although other economists had pegged the fall slightly higher.In the January-March quarter of this year, the economy had grown by 3.1% on a year-on-year – the lowest rate in over 17 years – and by 5.2% in the June quarter of 2019-20.
India's GDP Slump (%)
Covid-19 lockdown takes a toll on economic growth.
The rate of India’s GDP growth had declined from 6.1% in FY19 to 4.2 per cent in FY20, the slowest in 11 years.According to government data, gross value added (GVA) for the country declined by 22.8%, manufacturing by 39.3%, and mining by 23.3%.
Gross fixed capital formation (GFCF) contracted 52.9%, electricity 7%, and construction activities 50.3%. Agriculture and allied activities, meanwhile, were a bright spot, growing 3.4% during the quarter.
Data & device security in focus as A…
05-11-2024
At the HP Imagine 2024 event, HP President Alex Cho addressed concerns about AI's impact on jobs and security. He emphasized that AI enhances work capacity and benefits companies that...
Read more
At WTO, India, Pak join hands on public …
05-11-2024
India, Pakistan, and Sri Lanka have joined forces to challenge the World Trade Organization's approach to agricultural trade negotiations. The three nations argue that critical issues like public stockholding of...
Read more
Swiggy raises over Rs5,000cr from anchor…
05-11-2024
Swiggy secured Rs 5,085 crore from anchor investors, including major domestic and international institutions, ahead of its IPO. The anchor book saw strong participation from leading mutual funds, insurance...
Read moreSalesforce India FY24 revenue up 36% at …
05-11-2024
Salesforce India's revenue soared by 36% to reach $1 billion in FY24, fueled by digital transformation and AI adoption. The company, which doubled its workforce in two years, plans to...
Read moreXiaomi India head resigns amid biz chall…
05-11-2024
Xiaomi India head Muralikrishnan B has resigned to pursue academic research, after a tumultuous period for the smartphone maker. Murali, who joined in 2018 and became president in 2022...
Read moreGovernment to divest 2.5% in Hind Zinc, …
05-11-2024
The Indian government is selling up to 2.5% of its stake in Hindustan Zinc, aiming to raise around ₹5,330 crore. The sale, through an offer for sale (OFS), starts on...
Read more
For Unilever, India is not just a mkt, i…
05-11-2024
Unilever CEO Hein Schumacher sees India as a crucial hub for growth, talent, and R&D. He acknowledges short-term challenges in Asian markets but remains optimistic about India's long-term potential. Schumacher...
Read moreSensex soars 1,200 pts from day’s low de…
05-11-2024
The Sensex staged a remarkable recovery on Tuesday, surging nearly 700 points after plunging over 1,200 points earlier in the day. This volatile session saw banking and metal stocks...
Read moreSwiggy targets $11.3 billion valuation w…
05-11-2024
Swiggy, the food delivery and quick-commerce company, is gearing up for its IPO, aiming for a valuation of $11.3 billion. The IPO will open for subscription from November 6 to...
Read more
Chhath puja 2024 bank holidays: Banks cl…
05-11-2024
Chhath puja 2024 bank holidays: Multiple states in India will observe bank holidays for Chhath Puja celebrations from November 7-10, 2024. November will see numerous bank holidays due to various...
Read moreBoost for Indian Army firepower! Bharat …
05-11-2024
Bharat Forge has emerged as the lowest bidder for a Rs 7,000 crore contract to supply the Indian Army with advanced towed artillery gun systems (ATAGS). The contract will likely...
Read moreBig crackdown on unauthorised use of PAN…
05-11-2024
Big crackdown on PAN details unauthorised use! The government is taking action against tech companies using citizen's data in an unauthorised way. Many companies were using PAN numbers to...
Read moreStock market today: BSE Sensex ends 694 …
04-11-2024
Stock market today: The NSE Nifty 50 climbed 0.91% to 24,213.3, and BSE Sensex increased 0.88% to 79,476.63. Both indices initially declined 0.6% during trading but recovered in the final...
Read more
