India’s GDP contracts 23.9% in Q1 of 2020-21

India’s GDP contracts 23.9% in Q1 of 2020-21

According to the data provided by the Union Ministry of Statistics and Programme Implementation, India’s GDP has dropped by 23.9 per cent in April-June Quarter of FY 2020-21. it registers worst ever contraction in the last 40 years time.

in January-March 2020, The GDP increased at 3.1 per cent. in March, Centre imposed strict nationwide lockdown due to COVID-19. it became the cause of the collapse of the Indian economy.

As per the recent updates, the Indian economy has experienced a contraction of 23.9% as compared to 5.2% growth in Q1 2019-20.

Reasons for GDP Contraction?

GDP is calculated from these four factors:

  • Consumption Demand from people
  • Demand produced by Private Sector
  • Demand by GOI for Goods and Services
  • Net Demand on GDP after deducting Imports from Exports

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