India’s GDP -23.9% decline – worst decline in 24 years

India’s gross domestic product (GDP) has fallen by 23.9%, according to official data. Experts say this is the worst decline in 24 years.

While the country is already facing a severe recession, it is also known that GDP has been affected by the impact and spread of corona.

The National Statistics Office (NSO) has released the Gross Domestic Product (GDP) estimates for the first quarter of 2020-21 to April-June 2020, along with the first quarter and current situation of 2011-12 and quarterly estimates of GDP.

During the first quarter of 2011-12, GDP was estimated at Rs 26.90 lakh crore. It was Rs 35.35 lakh crore in the first quarter of 2019-20, down from 23.9 per cent in the first quarter of the 2019-2020 financial year, the report said.

Many sectors, except agriculture, have declined, GDP reported. In the first quarter of this fiscal, the agriculture sector grew by a promising 3.4%. The growth rate was 3 percent in the last fiscal year, according to a report by the National Statistics Office.

What impact on other sectors?

Business, Hotels, Transportation, Telecommunications -47%

Industry: -38.1%

Manufacturing: -39.3%

Construction: -50.3%

Coal Sector: -23.3%

Energy, Gas: -7%

More information on this is coming. Stay tuned.