India’s GDP grows by 1.6% in Q4, but contracts to 7.3% in 2020-21
The GDP had expanded by 3 percent in the January-March quarter of 2019-20, while the Indian economy had expanded by 4 percent that year
New Delhi: India's economy grew by 1.6 percent in the fourth quarter of 2020-21, restricting the full-year contraction to 7.3 percent, official data showed on Monday.
The fourth quarter growth was better than the 0.5 percent expansion in the previous October-December quarter of 2020-21.
The gross domestic product (GDP) had expanded by 3 percent in the corresponding January-March period of 2019-20, according to data released by the National Statistical Office (NSO).
In 2020-21, the Indian economy contracted by 7.3 percent against 4 percent expansion in 2019-20, showing the economic impact of the COVID-19 pandemic.
The NSO had projected a GDP contraction of 7.7 percent in 2020-21 in its first advance estimates of national accounts released in January this year.
The NSO, in its second revised estimates, had projected a contraction of 8 percent for 2020-21.
China has recorded a 18.3 percent growth in January-March 2021.
In an article about the state of India's economy, the RBI said that e-commerce and digital technologies are likely to be bright spots in India's recovery, but pre-pandemic levels of output and employment are still a long way off
China sets GDP target at around 6.5% in 2018, will be able to create 11 mn new urban jobs, says report
China aims to maintain inflation level at around 3 percent and create over 11 million new urban jobs, reports Xinhua news agency.
China’s economy grew at a slightly faster-than-expected pace of 6.8 percent in the first quarter, buoyed by strong consumer demand, healthy exports and robust property investment