India's Economy Shrinks by Record 23.9% in Q1 of 2020-2021 Financial Year - Authorities
India's GDP has contracted by a record 23.9 percent in the first quarter of the 2020-2021 financial year, which ended on June 30, compared to the same period last year, due to the consequences of the coronavirus pandemic, marking the largest year-on-year drop since record-keeping began in 1966, the Indian Statistics Ministry said in a press release on Monday
NEW DELHI (Pakistan Point News / Sputnik - 31st August, 2020) India's GDP has contracted by a record 23.9 percent in the first quarter of the 2020-2021 financial year, which ended on June 30, compared to the same period last year, due to the consequences of the coronavirus pandemic, marking the largest year-on-year drop since record-keeping began in 1966, the Indian Statistics Ministry said in a press release on Monday.
From late March until the end of May, the Indian authorities have had a strict self-isolation regime in place to curb the spread of the coronavirus infection. Within the context, all businesses across the country were shut down during the indicated period.
"GDP at Constant (2011-12) prices in Q1 of 2020-21 is estimated at �� 26.
90 lakh crore [Indian rupees, $386.7 billion], as against �� 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 percent as compared to 5.2 percent growth in Q1 2019-20. Quarterly GVA at Basic price at Constant (2011-12) Prices for Q1 of 2020-21 is estimated at �� 25.53 lakh crore, as against �� 33.08 lakh crore in Q1 of 2019-20, showing a contraction of 22.8 percent," the press release said.
India's economic growth slowed even before the outbreak of the pandemic, with the lowest GDP growth of 4.1 percent since the global 2008 financial crisis being recorded in the third quarter of the 2019-2020 fiscal year. The current drop was also the worst among the major Asian economies.