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Indian economy contracts by 6.6%, GDP contracts 7.3% in 2020-21

EconomyIndian economy contracts by 6.6%, GDP contracts 7.3% in 2020-21

Indian economy contracts by 6.6%, GDP contracts by 7.3% in 2020-21 on account of COVID-19, and nationwide lockdown to contain the pandemic.

The Indian economy contracts by 6.6%, in 2020-21 on account of the surge of COVID-19 and subsequent nationwide lockdown to contain the pandemic. As per the provisional estimates released in May 2021, the GDP had contracted by 7.3 percent in 2020-21..

The National Statistical Office has also revised downward the real GDP growth number for 2019-20 to 3.7 percent as against the earlier estimate of 4 percent.

“Real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at Rs 135.58 lakh crore and Rs 145.16 lakh crore, respectively, showing a contraction of 6.6 percent during 2020-21 as compared to growth of 3.7 percent during 2019-20,” National Statistical Office said in the revised national account data released on Monday.

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 a growth of 4 percent during 2019-20.

“In terms of real GVA (gross value added), i.e., GVA at constant (2011-12) basic prices, there has been a contraction of 4.8 percent in 2020-21, as against a growth of 3.8 percent in 2019-20,” NSO stated.

During 2020-21, the growth rates of the primary sector (comprising agriculture, forestry, fishing, and mining & quarrying), secondary sector (comprising manufacturing, electricity, gas, water supply & other utility services, and construction), and tertiary sector (services) have been estimated as 1.6 percent, (-)2.8 percent and (-) 7.8 percent as against a growth of 1.9 percent, (-) 6.8 percent and (-) 8.4 percent, respectively, in the previous year.

Nominal Net National Income (NNI) or NNI at current prices for the year 2020-21 stands at Rs 171.94 lakh crore as against Rs 177.17 lakh crore in 2019-20, showing a contraction of 2.9 percent during 2020-21 as against a growth of 6 percent in the previous year, it stated.

Per Capita Income i.e. Per Capita Net National Income at current prices is estimated at Rs 1,32,115 and Rs 1,26,855 respectively for the years 2019-20 and 2020-21, it said.

You might also want to read https://hamslivenews.com/2022/01/19/while-poverty-rises-billionaires-in-india-increase-during-covid-19/

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