TechGenyz
Author at TechGenyz India

Indian economy grows by 0.4 in Oct-Dec

After contracting for two quarters in a row, the Indian economy grew by 0.4 per cent in the October-December quarter amid coronavirus pandemic, official data showed on Friday.

The gross domestic product (GDP) had expanded by 3.3 per cent in the corresponding period of 2019-20, according to the data released by the National Statistical Office (NSO).

In its second advance estimates of national accounts, the NSO has projected 8 per cent contraction in 2020-21. In its first advance estimates released in January, it had projected a contraction of 7.7 per cent for the current fiscal as against a growth of four per cent in 2019-20.

The economy had shrunk by an unprecedented 24.4 per cent in the first quarter this fiscal following the coronavirus pandemic and resultant lockdowns. In the second quarter, the GDP declined 7.3 per cent due to a perk up in economic activities.

China’s economy grew by 6.5 per cent in October-December 2020, faster than the 4.9 per cent growth in July-September 2020.