Indian Government Data has shown the country’s GDP growing by 1.6 per cent during January- March quarter of FY 2020-2021, afterwards for the rest of the year the figures contracted by 7.3 per cent.It is India’s first full-year contraction in the economy in almost four decades. The nation faced the last such contraction in FY 1979-80 when its GDP had shrunken by 5.2 per cent.
The country saw a 3 per cent growth in GDP in Q4 of FY20, while the overall annual growth reached to an 11 year- low stat projecting a growth of 4 per cent. The manufacturing sector’s Gross Value Added growth (GVA) paced up to 6.9 per cent in the final quarter of 2020-21 which had contracted to 4.2 percent a year ago. Farm Sector GVA growth shrunk to 3.1 per cent, which stood at 6.8 percent in FY 2019-20.The Construction Sector saw a growth of 14.5 per cent in its GVA which had grown by only 0.7 per cent the previous year.
Segment including electricity, gas, water supply and other utility services grew by 9.1 percent, which had increased by 2.6 percent a year ago.
In the Q4, hotel, trade, transport, communication and services related to broadcasting shrunk by 2.3 percent which had seen a growth of 5.7 per cent the previous year. Real estate, Financial and professional services growth rate stagnated at 2.3 percent during the final quarter from 9.6 per cent in the previous year.
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