RBI estimates, GDP may fall by 8.6 percent in second quarter - Newztezz Online


Friday, November 13, 2020

RBI estimates, GDP may fall by 8.6 percent in second quarter

New Delhi:
 Due to the global epidemic corona virus, the economy of most countries of the world has gone down. Therefore, India is also not untouched by this. Reserve Bank of India has released a new estimate about GDP. According to an RBI official, the country's GDP growth is expected to fall by 8.6 percent in the July-September quarter.

The report prepared by Pankaj Kumar of the Central Bank's Researcher and Monetary Policy Department states that India is technically stuck in an economic downturn for the first time in its history in the first half of 2020-21. The report titled Economic Performance Index states that economic contraction is forecast for the second consecutive quarter.

However, it also states that activities are slowly normalizing, leading to a declining rate of GDP and that the situation is expected to improve. If this momentum persists over the coming two months, there is a strong expectation that the Indian economy will come out of a six-month decline.

Earlier, the International Monetary Fund (IMF) said in its estimation for India that India's economy will shrink further, GDP will shrink by 10.3 per cent in this fiscal year ending in March 2021. Earlier, the IMF had predicted GDP to fall by 4.5 per cent in June.

Let us tell you that during the lockdown during the Corona epidemic, the country's GDP declined by 23.9% during the April-June quarter compared to the previous year. At the same time RBI had predicted that the country's economy would decline by 9.5 per cent during this entire financial year.

No comments:

Post a Comment