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Regarding the Indian economy, which of the following reflect, unprecedented suspension of economic activity in the first quarter of this fiscal (April - June) due to the Covid pandemic (a) Contraction of around 50.3% in the construction sector (b) Contraction of around 39.3% in the manufacturing sector (c) Contraction of around 10% in the Agri, forestry and fishing sector (d) Contraction of around 5% in the Trade, hotels, transport sector

Regarding the Indian economy, which of the following reflect, unprecedented suspension of economic activity in the first quarter of this fiscal (April - June) due to the Covid pandemic (a) Contraction of around 50.3% in the construction sector (b) Contraction of around 39.3% in the manufacturing sector (c) Contraction of around 10% in the Agri, forestry and fishing sector (d) Contraction of around 5% in the Trade, hotels, transport sector Correct Answer (a) and (b) only

The correct answer is (a) and (b) only.

Key Points

  • ALREADY in a slowdown before the Covid pandemic, India’s Gross Domestic Product (GDP) growth contracted 23.9 per cent in the April-June quarter. This also marked its entry into a recessionary phase this year, data released by the National Statistical Office (NSO)
  • Construction, manufacturing and trade, hotels, and transport were the worst-hit sectors, recording contractions of 50.3 per cent, 39.3 per cent, and 47.0 per cent, respectively. Hence, statements (a) and (b) are correct. 
  • This reflects the unprecedented suspension of economic activity in the first quarter of this fiscal due to the pandemic and the series of lockdowns that are only now beginning to unwind.
  • The April-June quarterly growth, which is the lowest growth rate since India started reporting quarterly data in 1996, had only agriculture as the outlier — the only sector posting a positive growth among the eight sectors at 3.4 per cent.
  • The April GDP print is also worse than the 21.7 per cent contraction reported by the UK economy in the June quarter — the sharpest GDP contraction among the top 20 global economies so far.
  • The GDP growth in nominal terms, which takes into account inflation, also recorded a contraction of 22.6 per cent in April-June as against a growth of 8.1 per cent last year.

[ src="https://images.indianexpress.com/2020/09/economy.jpg" style="height: 421px; width: 350px;">

  • Hence, Option 1 is correct.

Related Questions

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