The National Statistical Office (NSO) will today release the GDP figures for the July-September quarter of the current fiscal year 2020-21. Earlier, there was a 23.9 per cent decline in GDP in the April-June quarter. The main reason for this decline in GDP was the strict lockdown imposed across the country due to Corona epidemic. Economic activity gained momentum after the lockdown opened. Although its speed was better, it will be known from the data released by NSO.
Growth in agriculture sector remained under lockdown
Talking about the quarter from April to June during the lockdown, there was a decline in other sectors except the agriculture sector. The agriculture sector showed a growth of 3.4 percent. Talking about other sectors, the manufacturing sector registered a decline of 39.3 per cent in the first quarter of the current financial year, 23.3 per cent in the mining sector and 50.3 per cent in the construction sector. Trade, transport, communication and other related services saw a decline of 47 percent.
Economy recovery during unlock
The economy gained momentum after the lockdown. Vehicle sales, real estate, manufacturing PMI and rail freight earnings were higher in September than in September. Apart from this, for the first time in September this year, income tax collection increased compared to the same month last year. The GST collection in October was also more than 1.05 lakh crore. With the increase in sales, the IHS Market Manufacturing PMI also increased to 58.9 in October from 56.8 in September, the highest in the last ten years.
Estimates for the July-September quarter
The Reserve Bank of India (RBI) estimates that GDP will fall by 8.6 percent in the second quarter of July-September of the current financial year. The RBI has said in its report that for the first time the economy has come under technical protection due to the fall in GDP for two consecutive quarters. SBI, the country’s largest bank, estimates that GDP may fall by 10.7 per cent during this period, while the rating agency estimates that GDP will fall by 9.9 per cent.