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Corona Impact on Economy: India’s GDP decreased by 7.3% in the financial year 2020-21

Highlights:

  • In FY 2021, GDP was expected to decline by 8 percent.
  • The economy has been hit hard by the Corona pandemic in the last financial year.
  • GDP growth in the fourth quarter of the financial year 2020-21 was 1.6 percent.

New Delhi
The country’s GDP has declined by 7.3 percent in the financial year 2020-21. However, GDP grew by 1.6 per cent in the fourth quarter of the last financial year. This indicates that the country’s economy was on the path of recovery before the second wave of Corona.

The country’s economy was expected to decline in the financial year 2020-21. The reason for this is that last year the corona epidemic had a great impact on the economy. The growth of the country’s GDP in the financial year 2019-20 was 4 percent.

Fiscal deficit of Rs 18.21 lakh crore in FY21, this percentage of GDP

In the last financial year, there has been a decline of 6.2 percent in Gross Value Added. GVA is a relatively good way to know about the growth rate of the economy. In the advance estimates released in February this year, the economic growth rate was projected to decline by 8 per cent in the last financial year. Thus the actual figures are better than the estimates.

The growth of the construction sector in the last quarter of the last financial year was 14 per cent. The growth of the utility sector was 9.1 per cent. Utility comes with gas, electricity, water supply. The better performance of these two sectors led to a lower than expected decline in GDP in the last financial year.

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