New Delhi: India’s economic growth slowed to 8.4 per cent in the second quarter of 2021-22, mainly due to waning low base effect, official data showed on Tuesday. The GDP growth in April-June quarter this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year.
The gross domestic product (GDP) had contracted by 7.4 per cent in the corresponding July-September quarter of 2020-21, according to data released by the National Statistical Office (NSO).
GDP at Constant (2011-12) Prices in April-September 2021-22 (H1 2021-22) is estimated at Rs 68.11 lakh crore as against Rs 59.92 lakh crore during the corresponding period of previous year, showing a growth of 13.7 per cent in H1 2021-22 as against a contraction of 15.9 per cent during the same period last year, it stated.
The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year. China has recorded a growth of 4.9 per cent in the July-September period of 2021.
Meanwhile, India’s GDP will rise by $406 billion by 2050 and more than 43 million jobs will be created, as the Asia’s third-largest economy leaps towards a net-zero target, according to a report by Observer Research Foundation (ORF).
At the 2021 Climate Change Conference, also known as COP26, Prime Minister Narendra Modi outlined a net-zero emissions target by 2070 for India. Also, India is targeting to increase its low-carbon power capacity to 500 gigawatts (GW) by 2030, and meet 50% of its energy requirements from renewable energy by 2030.
“India’s net-zero carbon emissions target of 2070 is momentous and praiseworthy, but highly ambitious to say the least,” an ORF statement said.
With Inputs From PTI.