'We're doomed': Dismayed citizens express concerns about India's contracting GDP on social media

FPJ Web DeskUpdated: Tuesday, June 01, 2021, 12:31 PM IST
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Representational Photo | Photo: Unsplash/@rupixen

India's GDP grew by 1.6 per cent in the January to March quarter (Q4 FY21) but contracted by 7.3 per cent in the entire financial year, government data released on Monday showed.

A continuing fall in domestic consumption due to Covid-19 pandemic was behind the sluggish pace.

Real GDP or gross domestic product (GDP) at constant (2011-12) prices in 2020-21 is estimated to attain a level of Rs 135.13 lakh crore as against the first revised estimate of GDP for 2019-20 of Rs 145.69 lakh crore.

"The growth in GDP during 2020-21 is estimated at minus 7.3 per cent as compared to 4 per cent in 2019-20," said the National Statistical Office (NSO).

"GDP at constant (2011-12) prices in Q4 of 2020-21 is estimated at Rs 38.96 lakh crore as against Rs 38.33 lakh crore in Q4 of 2019-20, showing a growth of 1.6 per cent."

GDP is derived as the sum of the gross value added (GVA) at basic prices plus all taxes on products less all subsidies on products. The total tax revenue used for GDP compilation includes non-GST revenue and GST revenue.

"The measures taken by the government to contain the spread of the Covid-19 pandemic have had an impact on economic activities as well as on data collection mechanisms," said a statement issued by the NSO.

This news has dismayed citizens across India who are struggling monetarily due to the pandemic which is showing no signs of going away. Also, on this sad occasion, Twitterati also have some memes.

Here are some of the reactions. Have a look.

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