(Pakistan Point News - 01st Jun, 2021) From Krishnan Nayar NEW DELHI, 31st May, 2021 (WAM) – India's gross domestic product (GDP) grew modestly at 1.6 per cent in the final quarter of the fiscal year 2020-21, the National Statistical Office (NSO) revealed today. January to March constitutes the last quarter of the financial year in India, which begins on April 1.
The modest increase was recorded during the months when the initial wave of the Coronavirus pandemic had receded and normal economic activity had resumed. Since then, a second wave of COVID-19 has hit India and most urban areas have been put under varying degrees of shutdown.
The Indian government’s Chief Economic Adviser, K V Subramanian, said on Monday that the overall impact of the second wave of the pandemic the economy will not be large. It is "difficult to predict exact growth number that the country may achieve as the path for pandemic still remains uncertain," he said.
NSO statistics released today showed an overall contraction of 7.3 per cent in GDP for the entire fiscal year 2020-21. Most of the year was affected by the onset of the pandemic.
