Covid Struck: India's FY21 GDP expected to contract by 7.7%

New Delhi, Jan 7 (IANS) India's first advance estimate of national income on Thursday showed a contraction of 7.7 per cent in real GDP for FY 21. On a year-on-year basis, Asia's third largest economy had grown by 4.2 per cent in 2019-20."Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of Rs 134.40 lakh crore, as against the provisional estimate of GDP for the year 2019-20 of Rs 145.66 lakh crore, released on May 31, 2020," the First Advance Estimates of National Income for financial year 2020-21 said."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."As per the estimate, real GVA at basic prices is estimated at Rs 123.39 lakh crore in 2020-21, as against Rs 133.01 lakh crore in 2019-20, showing a contraction of 7.2 per cent.
--IANS rv/sn