Government Expected Economy To Contract -7.7% In 2020-21 Compared To 4.2% Growth In 2019-20

Government Expected Economy To Contract -7.7% In 2020-21 Compared To 4.2% Growth In 2019-20

New Delhi: Indian economy is estimated to contract 7.7 percent in the financial year 2020-21 compared to 4.2 percent growth in the previous financial year 2020-21 compared to 4.2 percent growth in the previous financial year, mainly on account of the impact of the coronavirus pandemic.

On Thursday as per the first advanced estimates of the national income released by the National Statistical Office(NSO), there was a 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 percent as compared to the growth rate of 4.2 percent in 2019-20," it said.

The manufacturing sector in the current fiscal is likely to see a contraction of 9.4 percent whereas growth was almost flat at 0.03 percent in the year-ago period.

The NSO estimates significant contraction in ''mining and quarrying'', and ''trade, hotels, transport, communication and services related to broadcasting''.

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