India's GDP contracts 7.5 per cent in Q2; enters into technical recession
New Delhi | Jagran Business Desk: India's Gross Domestic Product (GDP) contracted 7.5 per cent in the July-September quarter (Q2), according to the provisional estimates released by the Ministry of Statistics and Programme Implementation on Friday. The contraction of 7.5 per cent is seen as a sign of revival after the GDP saw an unprecedented 23.9 per cent decline during the April-June quarter (Q1) due to the nationwide lockdown to contain the novel coronavirus.
"GDP at constant (2011-12) prices in Q2 of 2020-21 is estimated at Rs 33.14 lakh crores, as against Rs 35.84 lakh crores in Q2 of 2019-20, showing a contraction of 7.5 per cent as compared to 4.4% growth in Q2 of 2019-20," Ministry of Statistics & Programme Implementation said.
"Govt of India has received Rs 7,08,300 crores (31.54% of corresponding BE 2020-21 of total receipts) upto Oct, 2020 comprising Rs 5,75,697 crores tax revenue (net to Centre), Rs 1,16,206 crores of non tax Revenue & Rs 16,397 crores of non debt capital receipts," Finance Ministry said.
Quarterly GVA at Basic Prices at Constant (2011-12) Prices for Q2 of 2020-21 is estimated at Rs 30.49 lakh crore, as against Rs 32.78 lakh crore in Q2 of 2019-20, showing a contraction of 7 per cent," it added.
The statement said during the quarter trade, hotels, transport and communication saw a dip of -15.6 per cent while public administration, defence and other services by -12.2 per cent. The financial, real estate and professional services sector contracted by 8.1 per cent and construction by 8.6 per cent.
Some sectors have bounced back with resumption of economic activities. The electricity, gas, water supply and other utility services have shown a growth of 4.4 per cent; agriculture, forestry and fishing sector at 3.4 per cent and manufacturing sector showed a marginal growth of 0.6 per cent.
(With agency inputs)
Posted By: Shashikant Sharma