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Good news on economic front, GDP grew by 0.4% in October-December quarter of current fiscal

Posted on February 26, 2021February 26, 2021 by Nidhi Malviya

The Corona epidemic and the lockdown imposed by it caused a steep decline in GDP in the first two quarters.

New Delhi: Modi government has released GDP figures. Amid the corona virus epidemic, the Indian economy grew by 0.4 percent in the third quarter October-December after two consecutive quarterly declines in the current financial year.

Earlier, the economy grew by 3.3 percent in the same quarter of the financial year 2019-20.

The second advance estimate of the National Accounts of the NSO estimates an 8 percent drop in gross domestic product (GDP) in 2020-21. In January, the NSO had forecast a 7.7 percent decline in the economy in the current financial year 2020-21.

The economy fell by 24.4 percent in the first quarter of the current financial year due to the corona virus epidemic and the ‘lockdown’ put in place for its prevention. At the same time, the GDP fell by 7.3 percent in the second quarter of July-September.

Many agencies were already saying that the economy could remain positive in the third quarter.

A few days ago, given the rise in economic activity, rating agency Moody’s raised India’s GDP growth estimate from 10.8 per cent to 13.7 per cent in FY 2021-22. Moody’s believes that the pace of economic activity and the entry of covid-19 into the vaccine market can lead to a rapid recovery in India’s economy. Along with this, the agency reduced the estimate of GDP decline from the current 10.6 percent to 7 percent during the current financial year.

Nidhi Malviya

Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.

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