Indian economy 2021: With 0.4% GDP growth in 3rd quarter, country out of technical recession

Indian economy 2021 outlook: After a harrowing Q1 and Q2 data in the view of Covid 19, the Indian economy has started to ghain momentum. In a good news for the economy of the country, the Ministry of Statistics and Programme Implementation on Friday stated that the GDP in the third quarter of 2020-21 shows growth at 0.4 per cent. With this, the country’s economy is now out of a technical recession after two consecutive quarters of degrowth.  

"Sectors witnessing positive GVA growths during Q3 2020-21 over Q3 2019-20 are: Agriculture, Forestry & Fishing (3.9%); Manufacturing (1.6%); Electricity, Gas, Water Supply & Other Utility Services. Construction (6.2%); and, Financial, Real Estate & Professional Services (6.6%)," said Ministry of Statistics and Programme Implementation 

See Zee Business Live TV Streaming Below:

“GDP at constant (2011-12) prices in Q3 of 2020-21 is estimated at Rs 36.22 lakh crore, as against Rs 36.08 lakh crore in Q3 of 2019-20, showing a growth of 0.4 per cent,” data released by ministry of statistics and programme implementation showed. 

In its second advance estimates of national accounts, the NSO has projected 8 per cent contraction in 2020-21. In its first advance estimates released in January, it had projected a contraction of 7.7 per cent for the current fiscal as against a growth of four per cent in 2019-20. 

GDP in the third quarter of 2020-21 shows growth at 0.4 per cent: Ministry of Statistics & Programme Implementation pic.twitter.com/YiwaWxJWOB

— ANI (@ANI) February 26, 2021

The economy had shrunk by an unprecedented 24.4 per cent in the first quarter this fiscal following the coronavirus pandemic and resultant lockdowns. In the second quarter, the GDP declined 7.3 per cent due to a perk up in economic activities.