Up to date: Aug 31, 2020 18:01 IST
New Delhi [India], Aug 31 (ANI): The Indian economy contracted by 23.9 per cent within the April to June quarter (Q1 FY21) as COVID-19 pandemic compressed consumer demand and private investments, authorities knowledge confirmed on Monday.
“The GDP at fixed (2011-12) costs in Q1 of 2020-21 is estimated at Rs 26.9 lakh crore as towards Rs 35.35 lakh crore in Q1 of 2019-20, exhibiting a contraction of 23.9 per cent as in comparison with 5.2 per cent development in Q1 2019-20,” mentioned the Ministry of Statistics and Programme Implementation in a press release.
“The quarterly gross worth added at primary value at fixed (2011-12) costs for Q1 of 2020-21 is estimated at Rs 25.53 lakh crore as towards Rs 33.08 lakh crore in Q1 of 2019-20, exhibiting a contraction of twenty-two.8 per cent.”
The federal government and Reserve Financial institution of India have been immediate to take measures for mitigating the affect of pandemic on financial system by rolling out stimulus packages, reforms and interest rate cuts.
Nonetheless, the revival is anticipated to take time as there may be nonetheless excessive uncertainty concerning COVID-19 circumstances throughout the nation.