The second wave of Corona has brought the Indian economy on the backfoot. According to the latest data released by the Government of India, there has been a decrease of 7.3 percent in the Gross Domestic Product (GDP) in the year 2020-21. Whereas in the last year (2019-20), it was 4 percent. On the other hand, China where the Coronavirus is believed to have originated has recorded an economic growth of 18.3 percent in January-March 2021.
Relief in Fourth quarter
The National Statistics Office (NSO) released data on Monday evening, according to which India’s economy grew at a rate of 1.6 per cent during the fourth quarter (January-March) of 2020-21, while the GDP declined by 7.3 per cent during the entire financial year.
The country’s economy had registered a decline of 23.90 percent in the first quarter of the financial year 2020-21, ie April-June. The economy had contracted by 7.5 per cent in the July-September quarter. The country’s economy registered a growth of 0.5 percent in the October-December quarter.
However, the growth rate during January-March 2021 was better than the 0.5 percent growth of the previous quarter October-December 2020. According to the data released by the National Statics Office (NSO), there was a growth of three percent in the GDP during the January-March quarter in 2019-20.
