Economy News

0.4% growth in Oct-Dec quarter (2020-21) – Economy out of recession

According to a newly released data, growth returned to economy in the period of October to December quarter of last year. It has helped the economy to move out of the recession amid Covid-19 pandemic.

This data has been released by the National Statistical Office or the NSO on Friday. The report showed that the economy has increased by 0.4 percent in the last three months of 2020.

The farm, manufacturing, electricity, real estate, financial and also professional services have however supported this rally.

Moreover, the June quarter witnessed a much sharper contraction at 24.4 percent in last year. Previously, this number was around 23.0 percent as compared with the latest update.

Further the September quarter witnessed revision from 7.5% to 7.3%.

According to the December quarter data, India has joined a selected group of economies which posted increment in last three months.

These selected group of economies includes China, Vietnam and Taiwan which grew despite sharp declines amid pandemic.

Also, the RBI too estimated a growth return during third and fourth quarters of fiscal year 2021. The estimated month is March 2021 moreover.

Experts believe that the economy is likely to contract by 8 percent in the upcoming sessions. Earlier this number was at 7.7 percent lower than the current number.


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