India’s GDP: The country’s GDP at the 11-year low, the 2009 recessionary environment in the economy

The GDP growth rate figures for the financial year 2019-20 have been arrived. In this financial year, GDP grew at 4.2 percent. This is a low level of about 11 years. Earlier in 2009, GDP growth went below this level.

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India's GDP growth 3.1 in Q4
India's GDP growth 3.1 in Q4

In the year 2009, the Congress-led UPA government came back to power. In the same year GDP figures for the financial year, 2008-09 were released. These figures showed that in the financial year 2008-09 (April to March) the country’s GDP ie growth rate was 3.09 percent. These figures of GDP were overshadowed by the global recession.

Actually, in the year 2008, there was a worldwide recession. This recession also affected the Indian economy. Its impact was seen on GDP figures. Today, after 11 years, the country’s GDP has once again come close to the same level.

The GDP growth rate stood at 3.1 percent for the fourth quarter of the fiscal year 2019-20:

In fact, GDP growth was 4.2 per cent in FY 2019-20. This is a low level of about 11 years. Earlier, GDP growth reached this level in 2008-09.

Read this- The country’s economy was seen crawling throughout the year, GDP growth halted at 4.2%

Talking about the movement of GDP in these 11 years, the highest level of growth was in the financial year 2016-17. The country’s GDP growth rate stood at 8.25 percent in this financial year. However, there is a continuous decline in the subsequent 3 financial years.

The condition of the four quarters of the financial year 2019-20:

The GDP growth rate stood at 3.1 percent for the fourth quarter of the fiscal year 2019-20 ie from January to March. Similarly, the country’s GDP growth rate came down to 4.7 percent in the December quarter. Apart from this, the GDP growth rate was revised to 5.6 percent for the first quarter of 2019-20 and 5.1 percent for the second quarter.

Image Source: CNBC TV 18

These years and bad …:

In view of the outbreak of Coronavirus, the year 2020-21 is expected to get worse. Recently, the Reserve Bank of India (RBI) even said that the growth in the country’s GDP will be negative during the financial year 2020-21, ie it will fall.

No relief package:

In view of the Corona crisis in the past, the Modi government announced an economic package of about 20 lakh crores. The details of this package have been kept in front of the country by Finance Minister Nirmala Sitharaman. But all rating agencies are predicting that this relief package will not benefit GDP. Majority of this package is like a credit scheme. In such a situation, there will be no enthusiasm in the economy.

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