India`s GDP falls by 7.5% in July-September quarter of 2020-21

New Delhi: India's Annual Gross Domestic Product (GDP) for July-September 2020 slowed down to 7.5 percent, government data showed on Friday.

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation releasing the estimates of GDP for the second quarter (July-September) Q2 of 2020-21, both at Constant (2011-12) and Current Prices said, "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.  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."

"GDP at Current Prices for Q2 2020-21 is estimated at ₹ 47.22 lakh crore, as against ₹ 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 ₹42.80 lakh crore, as against ₹44.66 lakh crore in Q2 2019-20, showing a contraction of 4.2 percent," it added.

"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. In these circumstances, some other data sources such as GST, interactions with professional bodies etc. were also referred to for corroborative evidence and these were clearly limited," the release added.

It further added that estimates are likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. The next release of quarterly GDP estimates for the quarter October-December, 2020 (Q3 of 2020- 21) will be on February 2, 2021.

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India's Annual Gross Domestic Product (GDP) for April-June 2020 slowed down to 23.9 percent. GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore, as against Rs 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 percent as compared to 5.2 percent growth in Q1 2019-20.