Zoom News : Nov 27, 2020, 06:40 PM
New Delhi: The Indian economy contracted by 7.5 per cent in the July-September quarter of this fiscal amid the Covid-19 crisis, official data showed on Friday.The gross domestic product (GDP) had expanded by 4.4 per cent in the corresponding July-September period of 2019-20, according to data released by the National Statistical Office (NSO).The economy had shrunk by an unprecedented 23.9 per cent in the first quarter of this fiscal due to the coronavirus pandemic and resultant lockdowns.China's economy grew by 4.9 per cent in July-September this year, faster than the 3.2 per cent growth in April-June 2020.GDP at constant (2011-12) prices in Q2 of 2020-21 is estimated at Rs 33.14 lakh crores, as against Rs 35.84 lakh crores in Q2 of 2019-20, showing a contraction of 7.5% as compared to 4.4% growth in Q2 of 2019-20, according to the Ministry of Statistics & Programme Implementation.Quarterly GVA at basic prices at constant (2011-12) prices for Q2 of 2020-21 is estimated at Rs 30.49 lakh crores, as against Rs 32.78 lakh crores in Q2 of 2019-20, showing a contraction of 7%.Govt of India has received Rs 7,08,300 crores (31.54% of corresponding BE 2020-21 of total receipts) upto Oct, 2020 comprising Rs 5,75,697 crores tax revenue (net to Centre), Rs 1,16,206 crores of non tax Revenue & Rs 16,397 crores of non debt capital receipts, the Finance Ministry said.