New Delhi: Economics says if a country’s economy declines for two consecutive months or six months, it is considered to be in a slump. It is clear today that India is in the throes of a recession. In the first quarter of the current financial year (April-June 7), the country’s growth slowed to 23.6 percent. In the following quarter (July), July-September, growth slowed to 7.5 percent. The performance of the economy in these three months, however, is much better than the estimates of various organizations. Many organizations predicted that growth would slow to more than 10 percent during this time. Some organizations ‘estimates have been proven to be incorrect, while others’ estimates are close to the real picture. Compared to the first three months of the current financial year, the economy has made a spectacular return in the second quarter. According to data released by the National Statistics Office (CSO) today, the country’s gross domestic product (GDP) has fallen by Rs 280,000 crore compared to last year. In July-September 2017, the country’s GDP was estimated at Rs 3.56 trillion. During the same period this year, GDP fell to Rs 33.18 lakh crore. The slowdown in the economy has slowed down due to the Lockheed effect announced for the Corona epidemic. However, in the July-September quarter of the current year, there has been a significant improvement in various sectors of the economy compared to the April-June quarter. Agricultural growth is at a positive rate of 3.8 percent. “Surprisingly, the manufacturing sector has grown by 0.7 percent,” he said. This is the biggest evidence of a major improvement in the economy, ”said Rajiv Kumar, vice-chairman of the policy commission. In the second quarter, electricity, gas, water supply and other utility services grew by 4.6 percent. With the exception of these three areas, all other areas are still struggling to improve. Mining and quarrying grew by 7.1 per cent, while construction by 7.6 per cent, trade, hotels, transport, communications and broadcasting services by 15.6 per cent, finance, real estate and professional services by 7.1 per cent and the general administration, respectively. The growth in defense and other services has slowed by 12.2 percent. The performance of the six economies in the third quarter of the current financial year will be known on February 28, 2021.
