Economic Contraction
The National Statistical Organisation released numbers for the GDP (Gross Domestic Product) on India for the first quarter of Financial Year 2020-21 i.e. Q1 FY 21.
This is the first economic contraction since 1980 - the result of lockdown due to Wuhan coronavirus. (spread all over the world due to the mismanagement by the Chinese)
First Instance
This is the first instance of an economic contraction for the country in the last 4 decades.
It is also the first GDP decline since India began publishing quarterly numbers in 1996.
Broadly in line
The numbers were broadly in line with the estimates by various agencies. The predictions ranged from a decline of 15% to 35%
Also for the April-June quarter the US GDP declined by 38% as compared to the same April-June quarter last year.
The decline in India's numbers were also a result of a "strict lockdown" during the April to June quarter in 2020.
Sectoral Performance
Construction, Hotel Services and Manufacturing were the worst performing sectors.
(Disclaimer : This blog is for educational purposes and not to solicit any business or offer any kind of advise)
