New Delhi, August 31: India's Gross Domestic Product (GDP) for the first quarter (April-June) Q1 of FY 2020-21 hit a record low of 23.9 per cent, shows the data released by Ministry of Statistics and Programme Implementation's National Statistical Office (NSO) on Monday. In the previous quarter (January-March of FY 2019-20), the GDP figure stood at 3.1 per cent.

Informing about the latest development, Ministry of Statistics and Programme Implementation in its releases stated, "GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore, as against Rs 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 per cent as compared to 5.2 per cent growth in Q1 2019-20. Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2020-21 is estimated at Rs 25.53 lakh crore, as against Rs 33.08 lakh crore in Q1 of 2019-20, showing a contraction of 22.8 per cent." India's Real GDP Growth For FY20-21 Estimated to be Negative, Says Shaktikanta Das in RBI Monetary Policy.

The NSSO also stated that the GDP at current prices in the year Q1 2020-21 contracted by 22.6 per cent as compared to 8.1 per cent growth in Q1 2019-20. It said, "GDP at Current Prices in the year Q1 2020-21 is estimated at Rs 38.08 lakh crore, as against Rs 49.18 lakh crore in Q1 2019-20."

Stating COVID-19 lockdown as a reason for the sharp contraction, the Ministry said that the lockdown was lifted in partial phases, it remained to be imposed in certain pockets affecting the growth. Despite, the Union Finance Ministry rolling out Rs 20 lakh crore under 'Atma Nirbhar Bharat' stimulus package, the growth of the country got stuck amid the COVID-19 lockdown.

Meanwhile, the Union Ministry of Commerce & Industry on Monday stated that the combined Index of eight core industries stood at 119.9 in July 2020, which declined by 9.6 per cent as compared to the Index of July 2019. Its cumulative growth during April to July 2020-21 was -20.5, the Ministry added.

(The above story first appeared on LatestLY on Aug 31, 2020 06:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).