New Delhi: Coronavirus has recorded a record 23.9 percent decline in the gross domestic product (GDP) for the first quarter of this fiscal year from April to June. The Ministry of Statistics and Program Implementation has released GDP figures for the April-June quarter of the financial year 2020-21. The data for the core sector, which came to a while ago, has also disappointed. The production of eight industries declined by 9.6 percent in July. According to the data of the ministry, real GDP at constant prices in the first quarter stood at Rs 26.90 lakh crore, as compared to Rs 35.35 lakh crore in the same period last year. In this way, it has declined by 23.9 percent.
Production of 8 basic industries declined by 9.6 percent in the month of July. This is the fifth consecutive month while production of basic industries has declined. Production of basic industries has declined mainly due to poor performance of steel, refinery products and cement sector. In July, 2019, production of eight basic industries grew by 2.6 percent.
Two months of April and May growth have been added in this quarter, in which the economy is completely stalled due to lockdown. At the same time, the economy grew only slightly in June. For this reason, rating agencies and economists have also expressed the apprehension that the GDP of the June quarter may fall by 16 to 25 percent. If this happens, it will be a historic decline.
According to the data released by the Ministry of Commerce and Industry on Monday, production of all seven sectors, except coal, crude oil, natural gas, refinery products, steel, cement and power sector, declined in July.
