New Delhi: In the April-June quarter of FY 2021, India's GDP growth has registered more than expected decline. The GDP growth rate in the first quarter is -23.9 per cent. Talking about big economies, this Indian economy is in the worst condition after the US. For the first time in the last 40 years in the Indian economy, there has been such a big decline.

Due to the Corona pandemic, there was a complete lockdown in the entire country for 2 months, which caused financial activity to come to a complete standstill. It was previously feared that GDP may fall in double digits. According to data released by the National Statistical Office (NSO), the GDP growth rate in the first quarter of the last fiscal year 2019-20 was 5.2 per cent. Most rating agencies had projected a fall in GDP for the first quarter of the current financial year.

The government had announced a nationwide lockdown from March 25 to prevent the spread of infection of the coronavirus pandemic. After April 20, the central government started giving relaxation in lockdown in certain economic activities. The Indian economy grew at a rate of 6.1 per cent in the financial year 2018-19. While the economy had a growth rate of 4.2 per cent in 2019-20.

According to NSO figures, the gross value addition (GVA) in the manufacturing sector in the first quarter of 2020-21 was 39.3 per cent. In the construction sector, it has been -50.3 per cent. It is -7 per cent for electricity. GVA stood at -38.1 per cent in industry and -20.6 per cent in the service sector. Only the growth of the agriculture sector has been recorded by 3.4 per cent. According to the data, the GVA has recorded -23.3 per cent in the mining sector, -47 per cent in the trade and hotel sector, -10.3 per cent in public administration and -5.3 per cent in finance, real estate.

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