India's GDP Turns Positive In Dec After Two Consecutive Declines, Grows By 0.4% In Oct-Dec Quarter

The statistics comes months after India's economy took an unprecedented dip of 24.4 per cent in the first quarter this fiscal following the coronavirus pandemic and resultant lockdowns.

New Delhi: After witnessing a contradiction for two consecutive quarter owing to the Coronavirus-induced lockdown in the country, Indian economy grew by 0.4 per cent in the October-December quarter, official data revealed on Friday. As per figures shared by the National Statistical Office (NSO), country's gross domestic product (GDP) had expanded by 3.3 per cent in the corresponding period of 2019-20. 

While predicting its second advance estimates of national accounts, the NSO projected 8 per cent dip in GDP in 2020-21 financial year.

Even in its first advance estimates released in January, it had projected a contraction of 7.7 per cent for the current fiscal as against a growth of four per cent in 2019-20.

The statistics comes months after India's economy took an unprecedented dip of 24.4 per cent in the first quarter this fiscal following the coronavirus pandemic and resultant lockdowns.

Even in the following quarter, the GDP shrunk by 7.3 per cent due to a perk up in economic activities.

With this minimal jump in GDP, NSO said that the country has now exited technical recession phase that was caused due to the Covid-19 pandemic that brought nation's economy to a standstill for months.