New Delhi: The government on Monday released the GDP figures for the lockdown quarter i.e. April-June 2020. In the first quarter of the current financial year 2020-21, the economic growth rate i.e. GDP growth rate was recorded at -23.9 percent. The Indian economy has declined for the first time in the last 40 years. The economic activity which has been fully read by the lockdown implemented throughout the country due to Corona epidemic has given a tremendous blow to the economy.
According to the data released by the National Statistical Office (NSO), the GDP growth rate was 5.2 per cent in the first quarter of the last fiscal year 2019-20. Most rating agencies had forecast a fall in GDP for the first quarter of the current financial year. Let us tell you, the government announced a lockdown from March 25 to prevent infection of the corona virus epidemic. After 20 April, the central government began to relax the lockdown in certain economic activities.
According to NSO figures, the gross value addition (GVA) in the manufacturing sector for the first quarter of 2020-21 stood at 39.3 per cent. In the construction sector, it has been -50.3 percent. It is -7 percent in electricity. GVA stood at -38.1 percent in industry and -20.6 percent in service sector. Only the growth of agriculture sector has registered a growth of 3.4 percent. GVA stood at -23.3 per cent in the mining sector, -47 per cent in trade and hotels, -10.3 per cent in public administration and -5.3 per cent in finance, real estate.
