Indian economy likely to contract 7.7 pc in 2020-21
Source: Xinhua | 2021-01-08
Indian economy is estimated to contract 7.7 percent in 2020-21 compared to 4.2 percent growth in the previous fiscal year, mainly on account of the impact of the COVID-19 pandemic, official data released on Thursday said.
"The growth in real GDP during 2020-21 is estimated at -7.7 percent as compared to the growth rate of 4.2 percent in 2019-20," reads a statement released by the National Statistical Office (NSO) of India's federal ministry of statistics and programme implementation.
According to the ministry, the growth in nominal GDP during 2020-21 is estimated at minus 4.2 percent.
"With a view to contain 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," the ministry said.
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