Covid Impact! Economy prone to contract 7.7% in 2020-21, Govt information exhibits

Image Source : FILE PHOTO/PTI Photo for illustration solely.
Indian economic system is estimated to contract 7.7 per cent in 2020-21 in comparison with 4.2 per cent development within the earlier fiscal, primarily on account of the influence of the COVID-19 pandemic.
As per the primary superior estimates of the nationwide earnings launched by the National Statistical Office (NSO) on Thursday, there was contraction in virtually all sectors except for agriculture.
ALSO READ: Indian economic system anticipated to contract by 9 .6% in 2020-21: World Bank
“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. 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 stated.

In the present fiscal, manufacturing sector is prone to see a contraction 9.4 per cent whereas development was virtually flat at 0.03 per cent within the year-ago interval.
ALSO READ: RBI to be on a long-pause in charges on sticky non-food inflation: Report
The NSO estimates important contraction in ‘mining and quarrying’, and ‘commerce, lodges, transport, communication and companies associated to broadcasting’.
Agriculture sector is estimated to see a development of three.4 per cent in 2020-21. However, will probably be decrease than 4 per cent development recorded in 2019-20.
The economic system contracted 23.9 per cent within the first quarter and seven.5 per cent within the second quarter.
Latest Business News