India GDP Q3 Data: India’s GDP grows 0.4% in Q3, estimated to contract by 8% in FY21

New Delhi: After two consecutive quarters of contraction, India’s Gross Domestic Product (GDP) for the October-December quarter (Q3) grew by 0.4 per cent, while the GDP for the entire financial year 2020-21 (FY21) is seen contracting (-)8 per cent, as per the second advanced and quarterly estimates of GDP released by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday.

The government also revised its GDP estimates in the previous two quarters. According to the latest data, the GDP contracted by 7.3 per cent in July-September quarter (Q2) instead of the previous estimate of -7.5 per cent and by a sharp 24.4 per cent in April-June quarter (Q1) instead of the earlier reported -23.9 per cent. The Q1 contraction is the worst in the history of the Indian economy, which happened due to a strict nationwide lockdown because of the coronavirus (COVID-19) pandemic.

In its first advanced estimate released last month, the government had estimated the GDP in FY21 to contract by 7.7 per cent.

The GDP had expanded by 4.0 per cent in 2019-20. The FY21 GVA at Basic Prices is estimated at -6.5 per cent, according to the MoSPI data.

In the third quarter, the manufacturing sector, which had a contraction of 1.5 per cent in Q2, rose by 1.6 per cent. Apart from this, the agriculture, forestry and fishing sector grew 3.9 per cent in Q3. Agriculture has been the only sector to register a growth in all the three quarters. (Agency)