Real GDP likely to contract 7.7% in 2020-21 compared to 4.2% growth in 2019-20: Govt data
New Delhi | Jagran Business Desk: The Ministry of Statistics and Programme Implementation on Thursday said that the real gross domestic product (GDP) is expected to contract by 7.7 per cent in 2020-21 as compared to 4.2 per cent growth in 2019-20 due to the impact of the ongoing COVID-19 pandemic.
Blaming the restriction imposed in wake of COVID-19 pandemic last year, the central government said that the Indian economy will "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".
"With a view to contain the spread of the COVID-19 pandemic, certain restrictions were imposed from 25 March 2020. Though the restrictions have been gradually lifted, there has been an impact on the economic activities as well as on the data collection mechanisms. Estimates are therefore likely to undergo sharp revisions for the aforesaid causes in due course, as per the release calendar," it said in a release.
"Users should take this into consideration when interpreting the figures. The release of Second Advance Estimates of National Income for the year 2020-21 and quarterly GDP estimate for the quarter October-December, 2020 (Q3 of 2020-21) will be on 26.02.2021," it added.
In the current fiscal, manufacturing sector is likely to see a contraction 9.4 per cent whereas growth was almost flat at 0.03 per cent in the year-ago period.
The National Statistical Office (NSO) estimates significant contraction in 'mining and quarrying', and 'trade, hotels, transport, communication and services related to broadcasting'.
Agriculture sector is estimated to see a growth of 3.4 per cent in 2020-21. However, it will be lower than 4 per cent growth recorded in 2019-20.
The economy contracted 23.9 per cent in the first quarter and 7.5 per cent in the second quarter.
(With PTI Inputs)
Posted By: Aalok Sensharma