India GDP Data LIVE Updates | 2020-21 GDP contracts 7.3%, January-March quarter GDP rises 1.6%

India GDP Data LIVE Updates | Aditi Nayar, Chief Economist, ICRA: "As expected, the low base of the nationwide lockdown pushed up the core sector expansion to 56% in April 2021, a shade lower than our forecast of around 60%. The improvement was fairly broad-based, with an expected spike in the growth of cement and steel, although both lagged our projections suggesting some impact of the regional lockdowns on activity. The range of outcomes in April 2021 was huge, with a continued contraction in crude oil reflecting an insulated mining sector during the lockdown, and a massive 549% YoY expansion in cement.  

On a subdued note, the core sector in April 2021 trailed the April 2019 level by 3%, with six of its eight constituents lagging the pre covid level.

We expect the IIP to record a transient spike to a 130-150% expansion in April 2021, followed by a moderation in May 2021 in line with the proliferation in state-wise restrictions."

India GDP Data LIVE Updates | Sameer Narang, Chief Economist, Bank of Baroda: "Had anticipated that Q4 would be driven by higher government spending. Construction activity has been far robust than anticipated and continues. Consumption will be higher only when economy opens up."

India GDP Data LIVE Updates | Anubhuti Sahay, Standard Chartered Bank, South Asia Economic Research head: "Very strong numbers from construction and manufacturing sectors. Current numbers will not mean much for the next 6 months. Jan-March of 2022 will see much better growth."

She added, "Private consumption growth on a YoY is slightly better than anticipated. Consumption in informal sector may not have picked up in line with formal sector. After three successive months of de-growth, growth in consumption is a good sign. Informal sector will take times to align itself with formal sector growth."

India GDP Data LIVE Updates | 2020-21 GDP contracts 7.3%, January-March quarter GDP rises by 1.6%