India's GDP Shrinks By 6.6% In 2020-21, NSO Data Reveals

The National Statistical Office (NSO), in its first revised estimates of GDP, has said the Indian economy shrunk by 6.6 per cent in 2020-21, primarily due to the COVID-19 pandemic and nationwide lockdown curbs imposed by the government. As per the provisional estimates released in May 2021, the GDP had contracted by 7.3 per cent during 2020-21 on account of the outbreak of COVID-19 and subsequent nationwide lockdown to contain the pandemic. The National Statistical Office has also revised downward the real GDP growth number for 2019-20 to 3.7 per cent as against the earlier estimate of 4 per cent. Under the first revision released in January 2021, real GDP or GDP at constant (2011-12) prices for the years 2019-20 was pegged at Rs 145.69 lakh crore, showing growth of 4 per cent during 2019-20.

 

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