The Indian economy contracted by 23.9 per cent in the April to June quarter (Q1 FY21) as COVID-19 pandemic compressed consumer demand and private investments, government data released by the National Statistical Office (NSO) showed on Monday. "The GDP at constant (2011-12) prices in Q1 of 2020-21 is estimated at Rs 26.9 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," said the Ministry of Statistics and Programme Implementation in a statement.
"The quarterly gross value added 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."
The government and Reserve Bank of India have been prompt to take measures for mitigating the impact of pandemic on economy by rolling out stimulus packages, reforms and interest rate cuts.
The contraction is also the worst among G20 nations. Before this, the UK had reported the biggest slump in GDP among the world’s top 20 economies with a 21.7% plunge in the June quarter, its deepest contraction on record.