A growth rate of 0.4 percent in the December quarter
New Delhi: After two consecutive quarters of minus GDP growth, the domestic growth rate has improved slightly in the October-December quarter. Domestic GDP (GDP) grew by 0.4 per cent in the third quarter (Q3) ending December. The NSO (National Statistics Office) has already released the details. GDP grew by minus 7.5 per cent in the September 2020 quarter. 2019 is 4.7 percent of GDP over the same period. However, the corona virus epidemic in 2020 had a severe impact on the domestic economy. According to the NSO revision, GDP contracted by minus 23.9 per cent and minus 7.3 per cent in the June and September quarters, respectively. Earlier, it was estimated at minus 23.9 per cent and minus 7.5 per cent.
Estimated GDP is 36.22 lakh crores
Based on 2011-12, the projected GDP growth in the third quarter of 2020-21 was Rs. 36.22 lakh crores. However, it was Rs 36.08 lakh crore during the same period a year ago. GDP growth slowed to 8 percent between 2020-21. This is an increase of 4% in 2019-20.
Recovery in January
This year GDP data recovered with business activity in January. The services sector grew for the fourth consecutive month. Also increased in the month of January. Growth was also recorded in export and factory operations. The RBI has projected 10.5% growth in the country’s economy for the 202122 financial year. The International Monetary Fund (IMF) expects 11% growth over the same period.
The fiscal deficit is Rs 12.34 lakh crore
The country’s fiscal deficit stood at Rs 12.34 lakh crore in the last 10 months till January. It is 66.8 per cent of the budget target for the entire financial year based on government revised data. 11.02 lakh crore from taxes and 25.17 lakh crore from expenditure. The government has revised its fiscal deficit forecast for this year to 9.5 per cent of GDP.