New Delhi, September 1: The Ministry of Statistics and Programme Implementation (MoSPI) on Monday released India's Gross Domestic Product growth for the first quarter of FY-2020-21 and it was found out that India's GDP shrunk by 23.9 per cent. This is considered to the steepest fall in India's GDP in the last four decades, which put India as the worst-performing nation amongst the highest several countries whose economies were sliced by the COVID-19 pandemic. In the previous quarter (January-march of FY 2019-20), India's GDP growth rate was 3.1 per cent.
The data compiled by National Statistical Office (NSO) and published the Union Ministry, stated, "GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore, as against Rs 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 per cent as compared to 5.2 per cent growth in Q1 2019-20. Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2020-21 is estimated at Rs 25.53 lakh crore, as against Rs 33.08 lakh crore in Q1 of 2019-20, showing a contraction of 22.8 per cent."
Adding more, the NSO stated that the GDP at current prices in the year Q1 2020-21 contracted by 22.6 per cent as compared to 8.1 per cent growth in Q1 Q1 2019-20. In the report, it added, "GDP at Current Prices in the year Q1 2020-21 is estimated at Rs 38.08 lakh crore, as against Rs 49.18 lakh crore in Q1 2019-20, showing a contraction of 22.6 per cent as compared to 8.1 per cent growth in Q1 2019-20."
Earlier, the Union Finance Ministry rolled out Rs 20 lakh crore under 'Atma Nirbhar Bharat' stimulus package to compensate the loss due to COVID-19 lockdown. However, the overall GDP declined by 24 per cent, despite the government's expenditure’s share in the GDP has gone up from 11 per cent to 18 per cent. Meanwhile, Moody's Investors Service claimed that India, China and Indonesia will be the only G-20 emerging economies in the second half of 2020, post a strong enough pick up in real GDP.