Gdp (gross domestic product) for the second quarter of the current financial year 2020-21 has registered a decline of 7.5 per cent and technically confirms the slowdown.
Before the GDP figures came in, all agencies had projected a decline of five to ten feet. In the last quarter, GDP registered a steep decline of about 24 per cent. This figure of GDP came after a complete lockdown.
In the current quarter, the industry sector registered a decline of 2.1, mining sector 9.1 and manufacturing sector by 8.6 per cent. However, the agriculture sector and manufacturing sector have registered a marginal increase. While the agriculture sector has registered an increase of 3.4 per 000 per day, the manufacturing sector has grown by 0.6 per 0.6 per day.
The governor of The Reserve Bank said during an event on November 26 that the Indian economy is back on track better than expected, but it needs to be seen that the recovery remains.
India’s chief economic advisor KV Subramaniam has said that the current economic situation is due to the impact of The Covid-19.
On GDP figures, the Congress has said in its Twitter handle that India is now “officially” in recession. Will the Modi government be pleased to state what they plan to overcome this recession?