India's Gross Domestic Product (GDP) in the first quarter of fiscal 2021 contracted by 23.9 percent, data released by the Central Statistical Organisation (CSO) showed.
A CNBC-TV18 Poll had estimated a GDP contraction of nearly 20 percent in Q1FY21.
The Gross Value Added (GVA) stood at -22.8 percent as against the estimates of -19.2 percent.
During the quarter, the industry sector contracted by 38.1 percent, the services sector contracted by 20.6 percent while the manufacturing recorded a contraction of 39.3 percent.
However, agriculture reported a growth of 3.4 percent in the June quarter.
A Prasanna from ICICI Securities said that most of the numbers were in line with the expectations. However, real estate sub-group numbers have come as a surprise.
He expects India's GDP to contract by 7.5 percent this year.
Madan Sabnavis of Care Ratings now sees GDP at -6.4 percent for the full year.
Earlier today, the output of eight core infrastructure sectors dropped by 9.6 percent in July due to a decline mostly in the production of steel, refinery products and cement.
The production of eight core sectors had expanded by 2.6 percent in July 2019, data released by the Commerce and Industry Ministry on Monday showed.