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The pandemic in data: How Covid-19 has devastated India’s economy The sharp drop in GDP is the largest in the country’s history – and even that may well underestimate the economic damage experienced by the poorest households. 15 hours ago The children of migrant workers at a bus stop in Ghaziabad on April 20 as the Delhi government ordered a lockdown to prevent the spread of Covid-19. | Adnan Abidi/Reuters From April to June 2020, India’s GDP dropped by a massive 24.4%. According to the latest national income estimates, in the second quarter of the 2020-’21 financial year (July-September 2020), the economy contracted by a further 7.4%, with the third and fourth quarters (October 2020-March 2021) seeing only a weak recovery, with GDP rising 0.5% and 1.6%, respectively. This means that overall rate of contraction in India was (in real terms, adjusted for inflation) 7.3% for the whole 2020-’21 financial year. ....
Keep the wheels of economic recovery turning Updated: Updated: January 28, 2021 10:51 IST The fiscal stimulus needs to continue in FY 2021-22 to speed up India’s economic healing Share Article AAA The fiscal stimulus needs to continue in FY 2021-22 to speed up India’s economic healing The forthcoming Economic Survey will tell us about the state of the economy based on available empirical evidence. The first advance estimates of national income published on January 7 project a contraction of 7.7% for real GDP. The Q2 GDP estimates published by the National Statistical Office, Ministry of Statistics and Programme Implementation (MOSPI) on November 27 had suggested an economic recovery in India. An improvement in the rate of contraction from 23.9% in Q1 to 7.5% in Q2 was seen as the beginning of a sustained recovery. The Ministry of Finance, in its Monthly Economic Review highlighted it as signifying a ‘V’ shaped recovery and as a reflection ....