Government Expects Economy To Contract 7.7% In Current Financial Year

Indian economy is estimated to contract 7.7 per cent in financial year 2020-21 compared to 4.2 per cent growth in the previous financial year, mainly on account of the impact of the COVID-19 pandemic.

As per the first advanced estimates of the national income released by the National Statistical Office (NSO) on Thursday, there was contraction in almost all sectors with the exception of agriculture.

“Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of ₹ 134.40 lakh crore, as against the Provisional Estimate of GDP for the year 2019-20 of ₹ 145.66 lakh crore… The growth in real GDP during 2020-21 is estimated at -7.7 per cent as compared to the growth rate of 4.2 per cent in 2019-20,” it said.

In the current fiscal, manufacturing sector is likely to see a contraction 9.4 per cent whereas growth was almost flat at 0.03 per cent in the year-ago period.

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