Real GDP Estimated To Contract 7.7% In FY21

India's real Gross Domestic Product (GDP) in FY 2020-21 is estimated to contract by 7.7% as compared to the growth rate of 4.2% in 2019-20, as per the first advanced estimates of the national income released by the National Statistical Office (NSO).Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to come in at 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 31 May, 2020.

There is an estimated contraction in almost all sectors with the exception of agriculture in the current fiscal. The manufacturing sector is likely to see a contraction 9.4% compared to a reading of 0.03% in the previous fiscal.

Agriculture sector is estimated to see a growth of 3.4% in 2020-21. Among services sectors, trade, hotel, transport are projected to contract by a sharp 21.4% compared to growth of 3.6% a year ago period.

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