‘India in Technical Recession But...’: What Newspapers Said on GDP

India’s official Gross Domestic Product figures for the second quarter contracted by 7.5%

As experts and analysts discuss what the GDP figures mean for the economy, here’s how newspapers covered it.

(Photo: The Quint)

India’s official Gross Domestic Product figures for the second quarter, from July to September of the financial year 2020-21, contracted by 7.5 percent. This marks India’s fall into its first ever technical recession after two straight quarters of GDP contraction since it began releasing quarterly estimates of GDP in FY98.

As experts and analysts discuss what it means for the economy, here’s how newspapers covered the news:

Financial Express

The Economic Times

The Telegraph

The Times of India

Hindustan Times

“GDP at constant (2011-12) prices in Q2 of 2020-21 is estimated at Rs 33.14 lakh crores, as against Rs 35.84 lakh crores in Q2 of 2019-20, showing a contraction of 7.5% as compared to 4.4% growth in Q2 of 2019-20,” the Ministry of Statistics & Programme Implementation said.

The ministry said that the real GDP registered a significant improvement in Q2 over the corresponding quarter of previous year vis a vis contraction of 23.9 % registered in Q1 2020-21.

“Quarterly GVA at basic prices at constant (2011-12) prices for Q2 of 2020-21 is estimated at Rs 30.49 lakh crores, as against Rs 32.78 lakh crores in Q2 of 2019-20, showing a contraction of 7%,” the ministry stated.

The ministry further said that agriculture, forestry and fishing, manufacturing, and electricity, gas, water supply and other utility services witnessed positive growth during the quarter.

(With inputs from The Times of India, Hindustan Times, The Indian Express, The Telegraph)