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GDP likely to contract by 7.7% in 2020-21

Date: 09 January 2021 Tags: Reports & Indices
  • India’s real GDP (Gross Domestic Product)is estimated to contract by 7.7% in 2020-21, compared to a growth rate of 4.2% in 2019-20, as per advance estimates released by the National Statistical Office (NSO).
  • India’s economy had grown at 4.2% in 2019-20, but entered a recessionary phase with two successive quarters of sharp contraction triggered by the COVID-19 national lockdowns beginning March 2020.
  • Following a 23.9% collapse in the economy between April to June 2020 period, the GDP fell by 7.5% in the second quarter – leading to a real GDP contraction of 15.7% in the first half of 2020-21.
  • Just two sectors are estimated to record positive growth in GVA this year, with Agriculture continuing its strong run through the first half of year to the second half (3.4%) and Electricity, Gas, Water Supply & Other Utility services (2.7%).