New Delhi: Corona epidemic has severely affected the Indian economy. India’s growth rate of -7.3% in FY 2021 is the worst performance in more than four decades. According to government data, GDP declined by 7.3 percent in FY 2020-21. It is said that the Indian economy entered a positive mode in the fourth quarter of the financial year 2020-21. The fourth quarter of January to March 2021 recorded a growth rate of 1.6%.
Four percent growth was recorded in the financial year 2019-20, which was less than everyone in 11 years. In terms of the economy, this poor performance was due to manufacturing and contraction of the construction sector. The growth in the first quarter of FY 2020-21 was 24.38. The financial loss of the country has been Rs 78 thousand crore, which is much less than the Rs 2.9 lakh crore last year. If we talk about the growth rate of eight core industries in April, then it has been 56.1 percent.
This figure of GDP growth rate for the financial year 2020-21 has been released by the National Statistics Office (NSO). This shows that for the first time since 1980-81, GDP has shrunk while remaining negative. That is, it has decreased rather than increase. Growth rate of eight basic sectors coal, crude, natural gas, refinery products, fertilizer, steel, cement, electricity has been 56.1 percent in April as compared to 11.4 in March. The performance in the natural gas, steel, cement and power sectors was excellent.
