Indian economy grows by 0.4 in Oct-Dec

New Delhi: After contracting for two quarters in a row, the Indian economy grew by 0.4 percent in the October-December quarter amid coronavirus pandemic, official data showed on Friday.

The gross domestic product (GDP) had expanded by 3.3 percent in the corresponding period of 2019-20, according to the data released by the National Statistical Office (NSO).

In its second advance estimates of national accounts, the NSO has projected 8 percent contraction in 2020-21. In its first advance estimates released in January, it had projected a contraction of 7.7 percent for the current fiscal as against a growth of four percent in 2019-20.

The economy had shrunk by an unprecedented 24.4 percent in the first quarter this fiscal following the coronavirus pandemic and resultant lockdowns. In the second quarter, the GDP declined 7.3 percent due to a perk up in economic activities.

China’s economy grew by 6.5 percent in October-December 2020, faster than the 4.9 percent growth in July-September 2020.