New Delhi : India’s Gross Domestic Product (GDP) for the April-June quarter (Q1) slipped by a sharp 23.9 per cent, stated the data released by the National Statistical Office (NSO).
The data released by NSO, which comes under the Ministry of Statistics and Programme Implementation (MoSPI), is vital as it will provide the first benchmark on the state of India’s economy after the pandemic.
The June quarter GDP data is the worst contraction in the history of the Indian economy since Independence. According to the economists surveyed by Bloomberg, India’s GDP is estimated to have declined 18 per cent in the quarter ended June.
The June quarter GDP data at -23.9 per cent is the worst contraction in the history of the Indian economy. This is mainly because the central government on March 25 had ordered a complete lockdown of most of the manufacturing and service sectors owing to the spread of COVID-19. Only essential services such as food items and medicines were allowed during this period as the country tried to curb the spread of the virus across the country.
As per the MoSPI data, the gross value added (GVA) at basic price at constant terms during the June quarter shrunk 22.8 per cent. The GVA at Basic Price at Current Prices slipped 20.6 per cent in Q1 2020-21.