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After contracting for two quarters in a row, the Indian economy entered the positive territory with a growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed.
Trade and hotel industry registered a contraction of 7.7 per cent during the third quarter this fiscal, as the sectors continued to suffer on account of coronavirus pandemic.
According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review.
Senior Congress leader and former Finance Minister P Chidambaram tweeted at the growth of the farm sector
The reward to the farm sector for growing at 3.9% in a recession year is to treat the protesting farmers as if they were enemies of the state
The PM travels from Kerala to Assam but does not have the time or inclination to travel 20 kms to meet the farmers on the border of Delhi
— P. Chidambaram (@PChidambaram_IN) February 27, 2021
The construction sector advanced by 6.2 per cent, while electricity, gas, water supply and other utility services clocked a 7.3 per cent growth.
The NSO said, “GDP at Constant (2011-12) Prices in Q3 of 2020-21 is estimated at Rs 36.22 lakh crore, as against Rs 36.08 lakh crore in Q3 of 2019-20, showing a growth of 0.4 per cent”.
The gross domestic product (GDP) had expanded by 3.3 per cent in the corresponding period of 2019-20.
In its second advance estimates of national accounts, the NSO has projected 8 per cent contraction in 2020-21, showing the pandemic impact.
