India Pavilion at World Hydrogen Summit showcases Green Hydrogen Mission (See 'Corp Brief') Slum Rehabilitation Act - Preferential right to owner is available only when someone other than owner is being preferred and owner has never before been given or availed of right to develop : HC (See 'Legal Desk') CPC - Application can be dismissed as Intervener has already initiated its own remedy by way of independent Execution Petition : HC (See 'Legal Desk') SEBI Act - Appellant has not shown sufficient cause for condonation of delay in filing appeal : SAT (See 'Legal Desk') PMLA - When questions relating to legality of arrest is under consideration, more holistic and libertarian view is to release Chief Minister of Delhi on interim bail for Lok Sabha General Elections : SC (See 'Legal Desk') Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 - Order for forfeiture of properties is rightly made as property is occupied through lllegal earning : Tribunal (See 'Legal Desk') Arbitration Act - As petitioner is not notified as 'financial institution' or 'bank' under RDB Act, there is no bar on parallel proceedings to co-exist under A&C Act as well as SARFAESI Act : HC (See 'Legal Desk') Cr.P.C. - Once order issuing process has been set aside, then applicant has no right to file application u/s 482 of Cr.P.C. for quashment of complaint case : HC (See 'Legal Desk') Summer Power demand expected to be adequately met during both day and night (See 'Corp Brief') Competition Act - WordPress.org is justified in taking appropriate action against any developer found non-compliant with prescribed standards and regulations : CCI (See 'Legal Desk') Ministry of Skill signs MoU with Mahindra Ltd to conduct two Pilot Projects (See 'Corp Brief') SEBI Act - Operation of order can be stayed for appellant as he has resigned and has no role to play in decisions made thereafter for continuation of schemes : SAT (See 'Legal Desk') IREDA Global Green Energy Finance IFSC Limited incorporated in GIFT City (See 'Corp Brief') Trade Marks Act - Petitioner has no locus to challenge order as petitioner is not claiming itself to be manufactory in Madhya Pradesh and registration of its label under M.P. Beer & Wine Rules : HC (See 'Legal Desk') SARFAESI Act - Discretion to grant reduction in pre-deposit rests with DRAT and Petitioner has failed to make out any ground for interference : HC (See 'Legal Desk') Constitution of India - Petitioner is entitled for Capital subsidy : HC (See 'Legal Desk') Coast Guard inks MoU with Jindal Steel for boosting indigenous manufacturing capacity (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') PMLA - Considering involvement of applicant in selling fake Remdesivir injection at higher price, applicant is not entitled for anticipatory bail : HC (See 'Legal Desk') Arbitration Act - Any amicable settlement not incompatible with arbitration agreement is encouraged by Arbitral Tribunal : HC (See 'Legal Desk') M.P. Nagar Tatha Gram Nivesh Adhiniyam, 1973 - Order passed by respondents is devoid of merit as land of petitioner is left open for purpose of any future road expansion : HC (See 'Legal Desk') Arbitration Act - Since appellant has failed to establish loss suffered, Arbitral Tribunal rightly rejected appellant's claim in this regard : HC (See 'Legal Desk') PMLA - Arrest order and consequent remand order are not illegal : HC (See 'Legal Desk') Keel-laying ceremony performed at Goa Shipyard (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') SEBI Act - Extension of time can be allowed to SEBI to complete investigation : SAT (See 'Legal Desk') Arbitration Act - Respondent no.3 is not liable for repayment obligations of financial facilities extended by appellant to respondent no 1 company : HC (See 'Legal Desk') Mineral production grows by 8 percent in February (See 'Corp Brief') SARFAESI Act - Court refrains to adjudicate matter on merits when matter is already pending in DRAT : HC (See 'Legal Desk') Coal production in April up by 7.4% (See 'Corp Brief') SEBI Act - Appellants have made case for stay as rigours of directions of SEBI order would adversely affect business of Appellant as well as their clients : SAT (See 'Legal Desk') Trade Mark Act - Marks 'BETSONE' and 'BETASON' are deceptively similar to registered trademark 'BETNESOL' and visually, phonetically and structurally alike, with minimal alterations : HC (See 'Legal Desk') Voting by tribal communities blossoms as ECI's outreach to them bears fruit (See 'Corp Brief') SARFAESI Act - No fault can be found with respondent financial institution invoking Section 14 of SARFAESI Act by approaching District Magistrate, Rewa : HC (See 'Legal Desk') Ministry of Parliamentary Affairs observes Swachhata Pakhwada (See 'Corp Brief')

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GDP contracts by 23.9% in Q1

Published: Sep 01, 2020

By TIOLCORPLAWS News Service

NEW DELHI, SEP 01, 2020: GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore, as against Rs 35.35 lakh crore in Q1 of 2019-20, showing a contraction of 23.9 percent as compared to 5.2 percent growth in Q1 2019-20. Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2020-21 is estimated at Rs 25.53 lakh crore, as against Rs 33.08 lakh crore in Q1 of 2019-20, showing a contraction of 22.8 percent.

GDP at Current Prices in the year Q1 2020-21 is estimated at Rs 38.08 lakh crore, as against Rs 49.18 lakh crore in Q1 2019-20, showing a contraction of 22.6 percent as compared to 8.1 percent growth in Q1 2019-20. GVA at Basic Price at Current Prices in Q1 2020-21, is estimated at Rs 35.66 lakh crore, as against Rs 44.89 lakh crore in Q1 2019-20, showing a contraction of 20.6 percent.

Estimates of GDP along with GVA at Basic Price by kind of economic activity, Expenditures on GDP at Constant (2011-12) and Current Prices, as well as percentage change and rates of expenditure components of GDP for Q1 2018-19 to 2020-21, are given in Statements 1 to 4.

The first quarter estimates are based on agricultural production during Rabi season of 2019-20 (which ended in June 2020) obtained from the Department of Agriculture, Cooperation & Farmers' Welfare; estimates of production, mainly in the form of production targets for Milk, Egg, Meat and Wool for Livestock Sector from the Department of Animal Husbandry & Dairying and Fish production data from the Department of Fisheries.

Index of Industrial Production (IIP); monthly accounts of Union Government Expenditure maintained by Controller General of Accounts (CGA) and of State Government expenditure maintained by Comptroller and Auditor General of India (CAG) for the period April-June 2020-21 have been used. Performance of key sectors like Transport including Railways, Road, Air and Water Transport etc., Communication, Banking and Insurance during the period April-June 2020-21 has been taken into account while compiling the estimates. Performance of the corporate sector during April-June 2020-21 based on data received from BSE/NSE has been taken into account.

With a view to contain spread of the Covid-19 pandemic, restrictions were imposed on the economic activities not deemed essential, as also on the movement of people from 25 March, 2020. Though the restrictions have been gradually lifted, there has been an impact on the economic activities as well as on the data collection mechanisms. The timelines for filing statutory returns were also extended by most regulatory bodies. In these circumstances, the usual data sources were substituted by alternatives like GST, interactions with professional bodies etc. and which were clearly limited.   

The data challenges in the case of other underlying macro-economic indicators like IIP and CPI, used in the estimation of National Accounts aggregates, will also have implications on these estimates.  

Estimates are therefore likely to undergo revisions for the aforesaid causes in due course, as per the release calendar.

The next release of quarterly GDP estimates for the quarter July-September, 2020 (Q2 of 2020- 21) will be on 27.11.2020.

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