The Central government on Monday, 31 May declared the Gross Domestic Product (GDP) growth for the financial year 2020-21 at -7.3% as compared to 4.0% in 2019-20.
According to the data released by the Centre, India’s GDP for the fourth quarter (January to March) grew by 1.6%.
Data released in February had revealed that the Indian economy grew by 0.4 percent in October-December 2020, the third quarter of FY 2020-21. Prior to this, with two straight quarters of GDP contraction, India had fallen into a technical recession – the first since India began releasing quarterly estimates of GDP in FY98.
