India Exits Recession, Economy Records 0.4% Growth in December Quarter India’s economy returned to growth in the December quarte...

India Exits Recession, Economy Records 0.4% Growth in December Quarter

India’s economy returned to growth in the December quarter, ending a recession induced by two successive quarters of economic contraction, and the recovery, which the the government termed as ‘V’ shaped, is expected to gather pace. The Gross Domestic Product (GDP) grew 0.4% in the October-December 2020 period compared with the same period a year back, data released by the National Statistics Office on Friday showed. This growth compares with revised contractions of 24.4% in April-June 2020 and 7.3% in July-September. The GDP had grown by 3.3% in October-December 2019.

Trade and hotel industry registered a contraction of 7.7% during the third quarter this fiscal as the sectors continued to suffer on account of coronavirus pandemic.

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NEWS18 » NEWS » BUSINESS » INDIA EXITS RECESSION, ECONOMY RECORDS 0.4% GROWTH IN DECEMBER QUARTER

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India Exits Recession, Economy Records 0.4% Growth in December Quarter

The gross domestic product (GDP) had expanded by 3.3% in the corresponding period of 2019-20, according to data released by the National Statistical Office (NSO).

Workers at a footwear factory in Haryana's Bahadurgarh. (AFP File Photo)

Workers at a footwear factory in Haryana's Bahadurgarh. (AFP File Photo)

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FEBRUARY 26, 2021, 21:35 IST

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India’s economy returned to growth in the December quarter, ending a recession induced by two successive quarters of economic contraction, and the recovery, which the the government termed as ‘V’ shaped, is expected to gather pace. The Gross Domestic Product (GDP) grew 0.4% in the October-December 2020 period compared with the same period a year back, data released by the National Statistics Office on Friday showed. This growth compares with revised contractions of 24.4% in April-June 2020 and 7.3% in July-September. The GDP had grown by 3.3% in October-December 2019.

Trade and hotel industry registered a contraction of 7.7% during the third quarter this fiscal as the sectors continued to suffer on account of coronavirus pandemic.

According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review. The construction sector advanced by 6.2 per cent, while electricity, gas, water supply and other utility services clocked a 7.3 per cent growth.

The NSO said, “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”. The gross domestic product (GDP) had expanded by 3.3 per cent in the corresponding period of 2019-20.