GDP figures out: Indian economy growth at -23.9 per cent in first quarter of FY2020-21

GDP figures out: Indian economy growth at -23.9 per cent in first quarter of FY2020-21

India's Gross Domestic Product (GDP) registered a slump of 23.9 percent in the first quarter of the financial year 2020-21.

"GDP has shrunk from Rs 35.35 lakh crore in Q1 of 2019-20 to Rs 26.90 lakh crore in the first quarter of Q1 of 2020-21, showing a contraction of 23.9 percent as compared to 5.2 percent growth in Q1 2019-20," an official statement by the Ministry of Statistics and Programme Implementation (MoSPI) said on Monday.

In the corresponding quarter in the last financial year, the Indian economy had registered grown at a rate of 5 percent. In the previous quarter, Q4 FY2019-20, India's GDP growth rate was 3.1 percent.

The worst-hit sector in the first quarter of FY2020-21 was construction, which contracted by 50 percent. The hotel industry contracted by 47 percent, manufacturing by 39.3 percent, and mining by 23.3 percent.

The only sector which managed to survive the slump was agriculture, which registered a growth of 3.4 percent.

The estimated GDP growth data accounts for the months of April, May, and June - when a strict national lockdown was in place in the country due to the coronavirus pandemic.

The economy is believed to have suffered the most during the June quarter as a result of the nationwide lockdown.

The nationwide lockdown was announced by Prime Minister Narendra Modi on March 24, 2020, for 21 days, which was followed by another for 19 days.

Sectors like manufacturing, construction, trade, hotels, transport, which account for almost 45 percent of the country's GDP, were hit hard by the lockdown and are yet to recover.