If the 3rd wave does not come, by December, the GDP will come to the pre-Covid level
If the third wave does not come, by December, the GDP will come to the pre-Covid level
In the first quarter of the current financial year 2021-22, the GDP growth rate has reached 20.1 per cent. However, this is compared to the same period last year. By the third quarter i.e. December, this corona is expected to reach the pre-level.
Principal Economic Adviser Sanjeev Sanyal made a big claim on Friday. He said that we have been able to expand the economy rapidly.
Even if the third corona wave comes, we will fight it. Our revenue deficit is very controlled. He also said that if the third wave does not come, then by the December quarter, the GDP growth rate will reach pre-Covid levels.
#WATCH | We saw 20.1% y-o-y GDP growth in April-June. It's very strong number. No doubt it's based on lower base because of lockdown in same period in 2020. We'll be able to hit pre-COVID level by Oct-Dec quarter if we don't hit 3rd wave: Principal Economic Advisor Sanjeev Sanyal pic.twitter.com/tH4XTl1RFt
— ANI (@ANI) September 3, 2021
Let us tell you, the country’s GDP growth rate has reached 20.1 per cent with a big jump during the June quarter, recovering from the decline caused by the Corona crisis.
Regarding this, Sanjeev Sanyal said, ‘We achieved 20.1 per cent GDP growth rate in April-June on an annual basis. This is a big number.
Although there is no doubt that this is based on the lower GDP caused by the lockdown in the same period in 2020. But if the third wave does not come, we will be able to reach pre-Covid levels by the October-December quarter.
There was a sharp jump in GDP compared to March last year
Recently, the central government released the GDP results for the first quarter of the current financial year. According to him, the GDP growth rate in the first quarter (April, May, June) has been a record 20.1 per cent, while it was minus 23.9 per cent in the same quarter of 2020-21. This is a record increase in comparison to that.
The increase was marginally lower than the Reserve Bank’s estimate.
This is according to the estimates of experts for the current financial year. Experts had projected the GDP growth rate to be 20 per cent in the first quarter of the current financial year.
In the report of SBI Research, it was estimated that the country’s GDP could grow at the rate of 18.5 per cent in the first quarter of the current financial year.
At the same time, the Reserve Bank had estimated a growth rate of 21.4 per cent in the April-June 2021 quarter. A sharp increase in GDP indicates that the country’s economy is recovering from the Corona crisis and getting back on track.
Edible oil prices will start coming down from December: Food Secretary
On the other hand, Food Secretary Sudhanshu Pandey has said that the prices of edible oil will start decreasing from December. This will be possible due to the arrival of new crops and the forecast of falling prices in the world market.
Let us tell you, 60 per cent of the edible oil is imported in the country. Its prices have gone up by 64 per cent in the last one year. Pandey said that the prices of edible oil are showing a decline in the futures market since December.
However, much fall is not likely as prices are under international pressure.