For the first time, news of relief has come to the Modi government amid the Koro epidemic. For the first time since the negative growth rate in the last two quarters, the country’s GDP has come positive in the third quarter. GDP growth has been 0.4 per cent in the third quarter of the current financial year, i.e. in the December quarter. NSO has released growth forecast for all domestic products in the pre-quarter of October-December of the current financial year. On a year-on-year basis, GDP growth slowed to 0.4 per cent in the third quarter from 4.1 per cent. In the financial year 2020-21, GVA increased from -7.3 per cent on a quarterly basis to 1 per cent while on an annual basis GVA declined from 3.4 per cent to 1 per cent.
|India’s quarterly growth rate|
The first quarter of the current financial year, April-June, saw a historic decline of 23.9 per cent of GDP. The second phase improved a lot better than expected. GDP growth slowed to 7.5 per cent in the July-September quarter. In the third phase, GDP figures indicate that the economy is now booming.
The US rating agency has revised its forecast for the Indian economy for the current financial year from 10.6 per cent to 7 per cent. According to the Economic Survey 2020-21, the country’s economy is expected to grow by 11 per cent in the next financial year. The IMF estimates that the growth rate will be 11.5 per cent in 2021 while the RBI estimates that the growth rate will be 10.50 per cent in the financial year 2021-22.