The growth rate of India's gross domestic product (GDP) declined drastically in the quarter to the first months of the lockdown.

According to the Ministry of Statistics of the Central Government in India, the first quarter of the financial year 2020-21, between April to June, the growth rate has fallen by 23.9%.

It was estimated that India's GDP rate could fall to 18% in the first quarter due to the corona virus epidemic and nationwide lockdown.

At the same time, India's largest public sector bank SBI had estimated that the rate could fall to 16.5%, but the latest figures are shocking.

The Indian economy saw growth of 3.1% in the January-March quarter, the lowest in eight years.

GDP figures show that consumer spending slowed, private investment and exports declined in the March quarter. At the same time, the rate for the same quarter of June last year was 5.2%.

These new figures of GDP have historically been called the biggest declines since 1996.

These statistics have been said by the Ministry of Statistics that due to the corona virus epidemic, the data collection mechanism has been affected in addition to economic activities. The Ministry of Statistics has said that the lockdown was imposed in the country from March 25 after which economic activities were stopped.

The Statistics Ministry has said that most bodies had extended the deadline for filing legal returns. Under these circumstances, sources of data like GST were limited.

What is GDP

Gross domestic product (GDP) is the total value of all goods and services produced in the country in a given year.

Sushant Hegde, an economist at research and ratings firm care ratings, says GDP is just like a 'marksheet of a student'.

The way the marksheet shows how the student has performed throughout the year and in which subjects he has been strong or weak? In the same way, GDP shows the level of economic activity and it shows that which sectors have accelerated or declined.

This shows how well or poorly the economy has performed over the year. If GDP data shows sluggishness, it means that the country's economy is slowing down and the country did not produce enough goods as compared to last year and the services sector is also declining.

The Central Statistics Office (CSO) in India estimates GDP four times a year. That is, GDP is assessed every quarter. Every year it releases annual GDP growth figures.

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