The economy had grown at 3.1% in the January-March quarter, its slowest pace in at least eight years. The GDP data had shown that consumer spending slowing, private investments and exports contracting in the March quarter.(Bloomberg file photo. Representative image)
The economy had grown at 3.1% in the January-March quarter, its slowest pace in at least eight years. The GDP data had shown that consumer spending slowing, private investments and exports contracting in the March quarter.(Bloomberg file photo. Representative image)

India’s GDP in September quarter contracts 7.5%: Govt data

Analysts had said that they marked a significant improvement from the massive 23.9% contraction seen in the GDP numbers for the quarter ending June. The Reserve Bank of India’s (RBI) internal model expected a GDP contraction of 8.6% in the September quarter.
By hindustantimes.com| Edited by: Meenakshi Ray | Hindustan Times, New Delhi
UPDATED ON NOV 27, 2020 06:17 PM IST

India’s gross domestic product or GDP contracted 7.5% in the quarter ending September in comparison to the same period last year, data released by the Union ministry of statistics and programme implementation (Mospi) showed on Friday. India’s GDP fell by 23.9% in April-June period quarter, worst in decades, amid the coronavirus pandemic-induced which hit businesses and livelihoods across the country.

Analysts had said that they marked a significant improvement from the massive 23.9% contraction seen in the GDP numbers for the quarter ending June. The Reserve Bank of India’s (RBI) internal model expected a GDP contraction of 8.6% in the September quarter. A recent research note by Pranjul Bhandari, chief India economist at HSBC Securities and Capital Markets, expected the contraction to be 7.9%. Economists in a Reuters poll had forecast GDP to shrink 8.8%, a contraction that would still amount to a technical recession.

Also Read: India’s economy seen clawing back after slipping into recession

The economy had grown at 3.1% in the January-March quarter, its slowest pace in at least eight years. The GDP data had shown that consumer spending slowing, private investments and exports contracting in the March quarter.

Data showed earlier that India’s GDP growth had slowed even before the Covid-19-induced lockdown restrictions. The growth rate in Q4 FY20 at 3.1% was the weakest point in the new data series that had started in 2012-2013. The FY20 real GDP growth is 4.2%, which is also the weakest in the series.

Also Read| Consumer goods sector may shift to the slow lane: Nielsen

India’s economy grew at its weakest pace since 2013 between April and June period last year as consumer demand and government spending slowed amid global trade frictions, raising chances of the central bank cutting interest rates further at its next meeting. Asia’s third-largest economy expanded just 5.0% year on year, it grew 8% in the same quarter of 2018, and 5.8% in the previous quarter.

Global economies are experiencing contraction due to the Covid-19 pandemic.

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An alumni of BHU, the BSP leader is known for his deep insight into UP politics and JD-U is all set to enter into the political arena in UP in the next assembly elections. (HT FILE PHOTO) (Image used for representation).
An alumni of BHU, the BSP leader is known for his deep insight into UP politics and JD-U is all set to enter into the political arena in UP in the next assembly elections. (HT FILE PHOTO) (Image used for representation).

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  • Khan won from the Chainpur Assembly seat on a Bahujan Samaj Party (BSP) ticket in the 2020 assembly elections and is all set to join JD-U soon.
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The vaccination target for Friday was 3,703 healthcare workers of which 2,308 were vaccinated in 35 sessions. (FILE PHOTO).(AP)
The vaccination target for Friday was 3,703 healthcare workers of which 2,308 were vaccinated in 35 sessions. (FILE PHOTO).(AP)

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The government has offered 4.38 hectares of land to saints near Ganga.(Photo@tsrawatbjp)

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PUBLISHED ON JAN 23, 2021 12:55 AM IST
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AASU, which spearheaded the anti-CAA protests in the state in December 2019 and also last month, launched a 3-day protest against the legislation beginning Friday. (PTI PHOTO) (Image used for representation).
AASU, which spearheaded the anti-CAA protests in the state in December 2019 and also last month, launched a 3-day protest against the legislation beginning Friday. (PTI PHOTO) (Image used for representation).

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Maharashtra government appealed to the Supreme Court against the high court’s decision and filed a caveat in the apex court seeking exclusion of the 18 villages from KDMC. (HT PHOTO)
Maharashtra government appealed to the Supreme Court against the high court’s decision and filed a caveat in the apex court seeking exclusion of the 18 villages from KDMC. (HT PHOTO)

Short of attendance while pregnant, DU law student gets relief from top court

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PUBLISHED ON JAN 23, 2021 12:30 AM IST
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Uttarakhand CM Trivendra Singh Rawat inaugurating the state's first child-friendly police station in Dehradun on Friday. (Paras Negi/HT PHOTO).
Uttarakhand CM Trivendra Singh Rawat inaugurating the state's first child-friendly police station in Dehradun on Friday. (Paras Negi/HT PHOTO).

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Covaxin well-tolerated: Phase 1 peer-review

PUBLISHED ON JAN 22, 2021 11:42 PM IST
New Delhi Bharat Biotech Covaxin was well tolerated with no vaccine-related serious adverse events in a small group of volunteers, according to a peer review of the company’s phase 1 clinical trials published in the journal Lancet Infectious Diseases on Friday
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Cong wants JPC to probe ‘security breach’

PUBLISHED ON JAN 22, 2021 11:41 PM IST
New Delhi: The Congress Working Committee (CWC), the party’s highest executive body, on Friday stepped up its attack on the chat transcripts between journalist Arnab Goswami and Partho Dasgupta, demanding a joint parliamentary committee probe into what it called a breach of national security
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Local Body elections: Andhra govt, state poll panel at loggerheads

PUBLISHED ON JAN 22, 2021 11:39 PM IST
Hyderabad : The Y S Jagan Mohan Reddy government of Andhra Pradesh and state election commissioner (SEC) Ramesh Kumar on Friday headed for a showdown over the conduct of elections to village councils in the state in February
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Follow my father’s ideology... he’d never, ever give up on idea of India: Mehbooba Mufti

UPDATED ON JAN 22, 2021 11:39 PM IST
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Elephant dies of burn injuries; two arrested

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PUBLISHED ON JAN 22, 2021 11:38 PM IST
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PM talks to health workers to dispel fears over vaccines

By HT Correspondent, Varanasi
PUBLISHED ON JAN 22, 2021 11:36 PM IST
Prime Minister Narendra Modi on Friday sought to set at rest fears and misconceptions over the efficacy and safety of Covid-19 vaccines, and sought to dispel the “vaccine hesitancy” that has kept the turnouts low at inoculation centres
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BSY reshuffles cabinet to contain dissent

By Sharan Poovanna
PUBLISHED ON JAN 22, 2021 11:35 PM IST
Bengaluru Karnataka chief minister BS Yediyurappa on Friday caved into demands of dissenting ministers and made changes to his cabinet by redistributing portfolios to calm tempers, barely a day after rebellion broke out within his government
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CBI books Cambridge Analytica over Facebook data theft

By Neeraj Chauhan
PUBLISHED ON JAN 22, 2021 11:35 PM IST
New Delhi: The Central Bureau of Investigation (CBI) has registered a case against Alexander Nix of British political consulting firm Cambridge Analytica (CA) and Aleksandr Kogan of Global Science Research Limited, UK, for allegedly harvesting personal data of up to 562,000 Indians from Facebook for commercial purposes, officials said on Friday
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Bharatiya Janata Party national president JP Nadda is on a two-day visit to Uttar Pradesh. UP chief minister Yogi Adityanath and state unit chief Swatantra Dev Singh received him in Lucknow on Thursday. (Deepak Gupta/HT PHOTO).
Bharatiya Janata Party national president JP Nadda is on a two-day visit to Uttar Pradesh. UP chief minister Yogi Adityanath and state unit chief Swatantra Dev Singh received him in Lucknow on Thursday. (Deepak Gupta/HT PHOTO).

Be factually correct, focus on quality: Nadda to BJP's social media cell in UP

PUBLISHED ON JAN 22, 2021 11:33 PM IST
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