Indian economy contracted by 23.9% in Q1 of 2020-21

The estimates of Gross Domestic Product (GDP) for the first quarter (April-June) Q1 of 2020-21 has been released by the National Statistical Office(NSO), Ministry of Statistics and Programme Implementation. NSSO has released the GDP estimates at both Constant (2011-12) and Current Prices.

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According to the latest release, the GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore. This value was Rs 35.35 lakh crore in Q1 of 2019-20. Hence, the Indian economy has experienced a contraction of 23.9% as compared to 5.2% growth in Q1 2019-20.

While the GDP at Current Prices in the year Q1 2020-21 is estimated at Rs 38.08 lakh crore. This value was Rs 49.18 lakh crore in Q1 2019-20. Hence, it showed a contraction of 22.6% as compared to 8.1% growth in Q1 2019-20.

Important takeaways for all competitive exams:

  • Ministers of State (I/C) for Statistics and Programme Implementation: Rao Inderjit Singh.

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