India's Covid cost: GDP contracts after 40 years, Rs 10 lakh crore haemorrhaged in one year

Express News Service
India's economy escaped with a whole skin in Q4 registering a growth rate of 1.6%. But this lowly single-digit boost couldn't make up for the previous contractions, which literally quartered GDP growth to death, largely led by the chronic 24% decline of April-June, 2020. 
In effect, real GDP growth rate contracted to a disturbing 7.3% for the full fiscal FY21. That's a Rs 10 lakh crore hemorrhaging in one year, some of which is lost forever.  
At 7.3%, it's the first contraction since 1981 and the severest annual rattle since national accounts have been compiled in India. 
It's, though, better than the estimates first telegraphed in January projecting a 7.7% contraction. A year before, India's economy grew by a 11-year-low of 4%, but in comparison it now appears grand.   

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