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Anand Rathi Report
Though the 23.9% contraction in the gross domestic product in Q1 FY21 was worse than consensus expectation, with half the quarter under complete lockdown this was not totally unexpected.
The impact so far is mainly supply-sided. Lower demand would be the bigger issue in the rest of FY21.
To avert more than an 8% GDP contraction in FY21, fiscal stimulus is the need of the hour.
In the midst of the record fall in most sectors and economic activity during Q1 FY21, a few that recorded growth are agriculture (3.4%) in the gross added (GVA) and government consumption in GDP (16.4%).
Positive net exports (4% of GDP in Q1 FY21 versus down 4% in Q1 FY20) averted a much sharper plunge in growth.
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