States GSDP may contract by up to 14.3% in FY21 on Covid-19: Ind-Ra report

The top five major states where the impact of lockdown was the most pronounced are Karnataka, Jharkhand, Tamil Nadu, Kerala and Odisha

The gross state domestic product (GSDP) of all states is likely to contract up to 14.3 per cent in the current financial year due to the impact of Covid-19-induced lockdown on economic activities, says a report.

States such as Assam, Goa, Gujarat and Sikkim are likely to witness a double-digit contraction in FY2021, India Ratings and Research said in a report on Monday.

"We expect the gross state domestic product (GSDP) of all states in India to contract in FY21. The contraction will be in the range of 1.4 per cent-14.3 per cent, the report said.

The top five major