India reaches pre-Covid level, GDP rises to 0.4% in Q3; Govt estimates 8% contraction in FY21

The ministry highlighted that the growth in real GDP during 2020-21 is estimated at -8% as compared to 4% in 2019-20.

Feb 26, 2021 06:02 IST India Infoline News Service

India has stepped out of recession with Gross Domestic Product (GDP) for the third-quarter ending December 2020 (Q3FY21), witnessing a marginal growth of 0.4% to Rs36.22 lakh cr against Rs36.08 lakh cr a year ago same period. This would be the first growth since the Covid-19 pandemic has hit the economy.

The Ministry of Statistics & Programme Implementation in a statement today, highlighted that the growth in real GDP during 2020-21 is estimated at -8.0% as compared to 4.0% in 2019-20.

The ministry data said, "Real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2020-21 is estimated to attain a level of Rs134.09 lakh cr, as against the First Revised Estimate of GDP for the year 2019-20 of Rs145.69 lakh cr, released on 29th January 2021."

While the ministry estimates GDP at Current Prices in the year 2020-21 to attain a level of Rs195.86 lakh cr, as against Rs203.51 lakh cr in 2019-20, showing a growth rate of -3.8%.

Further, the Per Capita Income in real terms (at 2011-12 Prices) during 2020-21 is estimated to attain a level of Rs85,929 as compared to Rs94,566 in the year 2019-20, giving a growth of -9.1% during 2019-20, as against 2.5% in the previous year. The Per Capita Income at current prices during 2020-21 is estimated to be Rs127,768, showing a decline of 4.8%, as compared to Rs134,186 during 2019-20.

The next release of quarterly GDP estimates for the quarter January-March, 2021 (Q4 of 2020-21) and Provisional Annual Estimate for the year 2020-21 will be on May 05, 2021.

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