Schedule a Call Back
India’s GDP grows 1.6% in Q4 2020-21 aided by manufacturing push
Industry News- Jun 03,21
For the entire financial year 2020-21, the GDP contracted 7.3 per cent  a record low. In January-March last year, the economy had grown 3 per cent.
New Delhi
As per the National Statistical Office (NSO) estimates, robust performance of the manufacturing sector has helped India’s GDP to grow by 1.6% in the fourth quarter of 2020-21. Before the second wave of the Covid-19 pandemic, India’s gross domestic product (GDP) grew 1.6 % in the fourth quarter (January-March) of 2020-21 over a 0.5 per cent growth in the previous October-December quarter. The relaxation of lockdown since the end of 2020 had increased business activity.
As per the provisional estimates of annual national income and quarterly estimates released by the National Statistical Office (NSO), the growth was mainly due to the manufacturing sector while the services sector remained comparatively sluggish. Manufacturing sector grew 6.9 % in January-March and the construction sector grew 14.5%.
For the entire financial year 2020-21, the GDP contracted 7.3 per cent  a record low. In January-March last year, the economy had grown 3 per cent.
The extent of recovery in 2021-22 will be determined by the removal of localised lockdowns, which were put in place to counter the spread in the second wave of the pandemic. According to Aditi Nayar, Principal Economist, ICRA, other key factors are whether an accelerated pace of vaccine rollout can prevent a third Covid surge. She added that, the economic outlook remains highly uncertain, and periodic material revisions to the growth forecasts may persist in FY2022. Nayar also said that, real GDP may expand in the range of 8-9.5% in FY2022.
Related Stories
Plastic, Packaging & Printing
Avro India Launches Large-scale Flexible Plastic Recycling Facility in Ghaziabad
Avro India Limited has commissioned a greenfield recycling facility in Ghaziabad to process difficult-to-recycle flexible plastics, strengthening India’s circular economy and EPR compliance ecosys..
Read morePolicy Regulation
Vibrant Kutch Programme Secures Rs 85bn in MSME MoUs
District event boosts investment and growth in Gujarat’s Kutch
Read moreAuto & Auto Components
EV transition and tariff wars redefine India’s auto components play
India’s auto component industry is poised to hit $ 145 billion by FY30 from $ 80 billion in FY25. Yet high US tariff, EV transition and heavy reliance on imports from China expose vulnerabilities,..
Read moreRelated Products
Heavy Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of heavy industrial ovens.
High Quality Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of high quality industrial ovens. Read more
Hydro Extractor
INDUSTRIAL SUPPLIES
Guruson International offers a wide range of cone hydro extractor. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
