India's GDP swings back with a 0.4% growth in Q3 FY21
03 March 2021
India’s real gross domestic product (GDP) at constant (2011-12) prices is estimated (second revised) to have expanded by a marginal 0.4 per cent in Q3 of 2020-21 to Rs36,22,000 crore, against Rs36,08,000 crore in Q3 of 2019-20.
For the full financial year 2020-21, real GDP is estimated to attain a level of Rs134,09,000 crore, against the first revised estimate of GDP for the year 2019-20 of Rs145,69,000 crore, figures released by the National Statistics Office of the ministry of statistics and programme implementation on 29 January 2021, showed.
The growth in GDP during 2020-21 is estimated at (-) 8.0 per cent as compared to 4.0 per cent in 2019-20.
GDP at current prices in the year 2020-21 is estimated to attain a level of Rs195,.86,000 crore, against Rs203,51,000 crore in 2019-20, showing a growth rate of (-) 3.8 per cent.
Per capita real income (at 2011-12 prices) during 2020-21 is estimated to have declined by 9.1 per cent to a level of Rs85,929 against Rs94,566 in the year 2019-20, as against 2.5 per cent growth in the previous financial year.
Per capita income at current prices during 2020-21 is estimated to have grown by 4.8 per cent to Rs127,768, showing a decline of 4.8 per cent, compared to Rs134,186 during 2019-20.
Revised estimates for the major subsidies (especially food subsidies) presented in Budget 2021-22 show a sharp spike from Rs2,27,000 crore in BE 2020-21 to Rs5.95,0000 crore in RE 2020-21. The revised estimates have taken into account the revised provision of subsidies, after adjusting for arrears of previous years as per information received from the ministry of finance.
The measures taken by the government to contain the spread of the Co vid-19 pandemic have had an impact on the economic activities as well as on the data collection mechanisms. The data challenges in the case of other underlying macro-economic indicators like IIP and CPI, used in the estimation of National Accounts aggregates and specific measures, if any, taken by the government in the following months with a view to address the pandemic led economic situation will have implications on subsequent revision of these estimates, the release added.