#Mandi: India's GDP contracts 23.9% in Q1FY21
The Indian economy shrank 23.9% caused by COVID-19-induced disruptions. National income accounts show that India's "real" or inflation-adjusted gross domestic product (GDP) contracted 22.6%, the sharpest drop in 41 years, compared to a growth of 8.1% in the same quarter last year.
#Mandi: Manufacturing takes the worst hit:
The manufacturing sector contracted 39.3% from a growth of 3% last year, while the mining sector shrank by 23.3% from a growth of 4.7% last year. The agriculture sector, aided by plentiful summer rains this year, grew3.4% in the first quarter from 3% last year.
#Mandi: India's April-July fiscal deficit at Rs 8.21 lakh crore
India's fiscal deficit in the April-July stood at Rs 8.21 lakh crore as against the Rs 7.96 lakh crore budgeted target. While the total receipts for the first quarter of the fiscal stood at 2.32 lakh crore, the expenditure was Rs 10.54 lakh crore.
For July, the fiscal deficit was at Rs 1.59 lakh crore while the revenue the deficit came in at 1.37 lakh crore.