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Indian economy contracts by 7.5 pc in July-September 2020: Govt figuers

Eight core sectors' output drops by 2.5 percent in October: Govt data

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product (GDP) for the second quarter (July-September) Q2 of 2020-21, both at Constant (2011-12) and Current Prices, along with the corresponding quarterly estimates of expenditure components of the GDP.

2.         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.

3.         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.

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

5.         Estimates of GDP along with GVA at Basic Prices by kind of economic activity, Expenditures on GDP at Constant (2011-12) and Current Prices for Q2 2018-19 to 2020-21 and H1 2018-19 to 2020-21, are given in Statements 1 to 8.

6.         The Second quarter estimates are based on First Advance Estimates of agricultural production during Kharif season of 2020-21 obtained from the Department of Agriculture, Cooperation & Farmers’ Welfare, estimates of production of major livestock products viz, Milk, Egg, Meat, and Wool for Livestock Sector obtained from the Department of Animal Husbandry & Dairying and Fish production data from the Department of Fisheries.

7.         Index of Industrial Production (IIP); monthly accounts of Union Government Expenditure maintained by Controller General of Accounts (CGA) and of State Government expenditure maintained by Comptroller and Auditor General of India (CAG) for the period July-September 2020-21 have been used. Performance of key sectors like Transport including Railways, Road, Air and Water Transport, etc., Communication, Banking and Insurance during the period July-September 2020-21 and the performance of corporate sector during July-September 2020-21 based on data received from BSE/NSE has been taken into account while compiling the estimates.

 

The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade also released  Index of Eight Core Industries for the Month of October 2020.

2. The combined Index of Eight Core Industries stood at 124.2 in October 2020, which declined by 2.5 (provisional) percent as compared to the Index of October, 2019.Its cumulative growth during April to October 2020-21 has been(-) 13.0%.

3.  Final growth rate of Index of Eight Core Industries for July’2020 is revised to(-) 7.6%.The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP). Details of yearly/monthly index and growth rate are provided in annexure.

4.Monthly growth rates of Index of Eight Core Industries (Overall) is depicted in the graph:

 

 

Indian economy contracts/Indian economy contracts /Indian economy contracts

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