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India's GDP in second quarter contracts by 7.5 percent GDP
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India's GDP in second quarter contracts by 7.5 percent

India Blooms News Service | @indiablooms | 27 Nov 2020, 05:50 pm

New Delhi: For the second quarter in a row, Indian economy contracted by 7.5 percent in the July-September quarter of 2020-2021, as per government release data on Friday.

The economy witnessed major contraction amid COVID-19 imposed lockdown.

" GDP at Constant (2011-12) Prices in Q2 of 2020-21 is estimated at ₹ 33.14 lakh crore, as against ₹ 35.84 lakh crore in Q2 of 2019-20, showing a contraction of 7.5 percent as compared to 4.4 percent growth in Q2 2019-20," read a government statement.

"Quarterly GVA at Basic Prices at Constant (2011-12) Prices for Q2 of 2020-21 is estimated at ₹30.49 lakh crore, as against ₹ 32.78 lakh crore in Q2 of 2019-20, showing a contraction of 7.0 percent," it said.

GDP at Current Prices for Q2 2020-21 is estimated at Rs. 47.22 lakh crore, as against Rs. 49.21 lakh crore in Q2 2019-20, showing a contraction of 4.0 percent as compared to 5.9 percent growth in Q2 2019-20.

GVA at Basic Prices at Current Prices in Q2 2020-21 is estimated at Rs. 42.80 lakh crore, as against Rs. 44.66 lakh crore in Q2 2019-20, showing a contraction of 4.2 percent.

GDP at Constant (2011-12) Prices for H1 (April-September) 2020-21 is estimated at Rs. 60.04 lakh crore as against Rs. 71.20 lakh crores during the corresponding period of previous year, showing a contraction of 15.7 percent in H1 2020-21 as against growth of 4.8 percent during the same period last year. GDP at Current Prices for H1 2020-21 is estimated at Rs. 85.30 lakh crore as against rs. 98.39 lakh crores during the corresponding period of previous year, showing a contraction of 13.3 percent in H1 2020-21 as against growth of 7.0 percent during the same period last year.

"With a view to contain the spread of the Covid-19 pandemic, restrictions were imposed on the economic activities not deemed essential during Q1. Though the restrictions have been gradually lifted, there has been an impact on the economic activities," read the government statement.