Former Finance Minister P Chidambaram on Tuesday pointed out that even though India’s Gross Domestic Product registered a 20.1% growth rate in the first quarter (April-June) of this financial year, the economy was yet to recover.
“In Q1 [first quarter] of 2021-22, GDP was Rs 32,38,828 crore which is still below the Q1 level of 2019-20 which was Rs 35,66,788 crore,” the senior Congress leader tweeted.
GDP numbers for Q1 of 2021-22 are very revealing
In Q1 of 2021-22, GDP was Rs 32,38,828 crore which is still below the Q1 level of 2019-20 which was Rs 35,66,788 crore
— P. Chidambaram (@PChidambaram_IN) August 31, 2021
India’s growth rate, which was already slowing down before the pandemic struck, slumped to unprecedented lows last year as economic activity in the country stalled due to a nationwide lockdown. For the financial year 2020-’21, the Indian economy contracted by 7.3%, the sharpest annual decline in growth rate ever.
On Tuesday, Chidambaram said that…