Business News: After two consecutive Quarters of recession of Indian Economy in the last year, the Economy has revived from its downfall and had a projected growth of 0.4% in the fiscal year Q3 FY21. The economy had faced a severe recession in Q1FY21 and in Q2FY21.
This 0.4% growth in Q3FY21 has pushed Indian economy out of the negative growth. The severe negative growth of Indian economy was due to the COVID-19 lockdown and prolonged halt in all economic activities. However, the negative growth was reduced by subsequent loosening of the lockdown and movement of people and goods by -7.4%.
“GDP at Constant (2011-12) Prices in Q3 of 2020-21 is estimated at Rs.36.22 lakh crore, as against Rs.36.08 lakh crore in Q3 of 2019-20, showing a growth of 0.4 per cent,” read a statistic.
“The big surprise in terms of the sectors of production, is the Healthy expansion of 6.6 per cent and 6.2 per cent, respectively, in Financial, Real Estate and Professional Services, and Construction. Moreover, the agri growth of 3.9 per cent in Q3 FY2021 is modestly higher than our forecast,” noted Aditi Nayar, Principal Economist, ICRA.
The recession in economies of nations is widely expected to happen yet on a large scale. Some economies have not yet recovered fully from the blow made by the COVID-19 lockdowns.