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Agri sector bucks Covid to maintain GVA of 4.5%; Government

New Delhi, August 31: The agriculture, forestry and fisheries sector continued to defy the economic slowdown by consistently maintaining the positive rate of growth during the April-June quarter of 2020 and 2021, figures to assess the Gross Domestic Product (GDP) released today by the Government said.

The Gross Value Added (GVA) during the April-June quarter of the ongoing financial year stood at 4.5 per cent as against a GVA of 3.5 per cent during the same period last year. Industry observers are of the view that consumers confined their expenditure to necessities, which helped the agriculture sector retain the growth momentum.

GDP is the sum of GVA at basic prices, plus all taxes on products.

During the previous fiscal, Agriculture was the only sector to register a positive growth rate during the said period, bucking the recessionary trend observed in other sectors such as manufacturing, construction, mining and the hospitality sector.

Most of these sectors, however, bounced back into the positive territory, with the manufacturing sector recording a GVA of 49.6 per cent.

Overall, the GVA of all sectors stood at 18.8 per cent during the quarter as against a minus 22.4 per cent contraction during the same period last year, the figures released by the Ministry of Statistics and Programme implementation said.

In a statement, the Ministry said that the impact on economic activities and the data collection mechanisms owing to the COVID19 pandemic has had an effect also on the quarterly GDP estimates.

The commodity wise assessment showed that production of rice fell from 9.9 per cent during the April-June quarter of 2020 to 6.4 per cent during this quarter. Export of goods and services went up by 49 per cent during the quarter.

 

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