New Delhi: After witnessing a contradiction for 2 consecutive quarter owing to the Coronavirus-induced lockdown within the nation, Indian financial system grew by 0.4 per cent within the October-December quarter, official knowledge revealed on Friday. As per figures shared by the National Statistical Office (NSO), nation’s gross home product (GDP) had expanded by 3.3 per cent within the corresponding interval of 2019-20.
While predicting its second advance estimates of nationwide accounts, the NSO projected 8 per cent dip in GDP in 2020-21 monetary yr.
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Even in its first advance estimates launched in January, it had projected a contraction of seven.7 per cent for the present fiscal as in opposition to a development of 4 per cent in 2019-20.
The statistics comes months after India’s financial system took an unprecedented dip of 24.4 per cent within the first quarter this fiscal following the coronavirus pandemic and resultant lockdowns.
Even within the following quarter, the GDP shrunk by 7.3 per cent on account of a perk up in financial actions.
With this minimal leap in GDP, NSO stated that the nation has now exited technical recession section that was triggered because of the Covid-19 pandemic that introduced nation’s financial system to a standstill for months.