India’s GDP shrinks a record 23.9% in first quarter of FY’21

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NEW DELHI – Pandemic Covid-19 induced economic turbulence along with measures to curb its outbreak, heavily dented India’s economy and plunged the country’s GDP to (-) 23.9 per cent during the first quarter (Q1) ended June 2020-21.

Though not comparable, the Gross Domestic Product (GDP) had grown by 5.2 per cent in the corresponding quarter of FY2019-20.

In the quarter just preceding Q1FY21, the economic growth was at 3.1 per cent.

The country had observed mobility restrictions as mandated under the lockdown measures for the better part of the first quarter of FY21.

It was only on June 1 that partial unlock measures were implemented.

However, a contraction at this scale is unprecedented and never been witnessed.

The current practice of quarterly series data dissemination began in the late 1990s.

Commenting on the Q1FY21 GDP data, the Chief Economic Adviser to the Government Krishnamurthy Subramanian: “As the world economic outlook has highlighted, the fraction of countries, where GDP per capita would decrease is the highest since 1870, so once in a one and a half century event, which is what we are going through.”

“India was also in a ‘Lockdown’ all through the April-June quarter with the majority of economic activities being restricted, so this trend is along the expected lines.”

-IANS

2 thoughts on “India’s GDP shrinks a record 23.9% in first quarter of FY’21

  1. Blunders are a way of life with Narendra Modi – the Tea Vendor PM Of India – whose mother Was a dishwasher.He correlates his mother with Ho Chi Minh,who was a dishwasher in London. Indians in their infinite wisdom,also state that Ho Chi Minh was inspired by Shivaji !

    https://www.hindujagruti.org/hinduism-history/valiant-hindu-kings/chhatrapati-shivaji-maharaj/vietnams-ideal-shivaji-maharaj

    The intoxication and hallucinations of grandeur,w.r.t. gothic tales of hitherto Cinderella history,starting from Mount Meru …. have led to the doom of Hindoosthan !

    Throughout Indian History – when men w/o pedigree,have ruled over India – they have destroyed India immediately thereafter.They all thought they were special,and from the grass roots.This is a apocalyptic trait peculiar to Hindoos – akin to that of a suicide cult.dindooohindoo

    To hide over the “shame of their birth and upbringing” and the “vicious physical and mental torture” as children – these Indian Kngs (men w/o pedigree) “gravitated to extreme forms of menial thought and cruelty” – ignoring all sage counsel – as they felt empowered,as a sign of courage and fortitude,in the face of adversity and pressures (Like the Kashmir disaster by Modi).It is a perversity of the Stoics of Yore – who see their unflinching resolve,in the face of doom,as a karmic salvation,and a sign of courage.

    The Blunders of the Chaiwala – which you will not read in the media – as the media is owned by Banias,and operated by Brahmins – a race of servile slaves and cowards.

    The Chronicles of Narendra (Narnia Chaiwala) Modi

    Make in India = Total Disaster.
    Defense Manufacturing in India = Total Disaster.
    Demonetisation = Total Disaster.
    Space = Disaster.
    ISRO Chandrayaan has doomed all hopes.The problem of the Hindoo – 1 low brain ASAT hit and they start dreaming and jay walking.All the effect of Gau Mut-ram
    Employment = Disaster.Destruction of all SME and Unorganised Jobs – FOREVER.
    GST = destroyed all that was left of the SME, after the Demo
    IAF = Disaster.IAF completely destroyed by the PAF.The IAF took the advice of Modi (stealth in Cloud cover).They did not send the best fighter jets against the PAF – Why ? How did 6 PAF, F-16s cross the Indian ADS (in daylight) and almost kill the Indian Army Chief and GOC-in-C Northern Command (and all escaped the Indian ADS on the way back,and the Indian ADS shot down its own Chopper)
    Banking = Doomed.NPA is at least 400 Billion USD in the organised sector – RBI is defrauding the nation,by hiding and lying w.r.r. the NPA/Fraud cases,so that the corporates can cheat other banks and NBFCs and Co-operatives.
    Impending DEFUNDING – AFTER RBI has circulated the credit NPAs and Fraud accounts, across the Indian public (by hiding their names,and allowing them to hoodwoink depositors and bankers),one fine day,INDIANS WILL BE ASKED TO FORFEIT A % OF ALL BANK DEPOSITS and GOI investments – to finance this credit fraud distribution – JUST LIKE THE US SUB PRIME PLAN !
    MUDRA loans are 150 Billion USD of which at least 40% will disappear.Then there is the informal banking disaster (NBFC/Chit Funds etc.).
    Kashmir – DISASTER
    COVID LOCKDOWN – COMPLETE DISASTER.India has HIGHEST NUMBER OF CASES IN THE WORLD – IN TERMS OF DAILY COUNT – EVER.Industry and Banks are destroyed FOREVER.Once COVID reaches farms – AGRI WILL ALSO BE DESTROYED,AND THAT WILL BE THE DOOM.
    GDP – MINUS 24% is a lie.Exclude the Govtt sector from GDP and the decline will be 65%.When a Govtt company produces goods and pays GST – it is just a transfer pricing of taxes.If Private sector dies for 9 months – at least the SME and Unorganised part,will NEVER return.How will the GOI earn revenue BESIDES TAXING FUEL,NICTOTINE AND ALCOHOL (and exporting Cow piss cola) ?
    The Trinity of Doom – DEMO + GST + COVID LCOKDOWN ! Covid has nailed the coffin – forever.
    Crowning glory is the GALWAN AND PRC Disaster. Chinese will not spare Modi or India – it is the Pure Mongol DNA of the Northern Chinese.They will annihilate India.The Northern Chinese of PRC are not like the Chinese of HK,Taiwan,Chiang Mai or Chinatown of USA.
    Anyone who says Hindi-China Bhai Bhai,has eaten too much Chini,id.,est., Ganja.

    We are entering into the Chinese Decade of utter,complete and merciless domination.

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