India's economy to contract 7.7 pct in 2020-21 fiscal year
Source: Xinhua | 2021-01-30
The Indian government said in its Economic Survey on Friday that the country's economy is estimated to contract 7.7 percent in the 2020-21 fiscal year.
The survey, an important business-centric presentation, was tabled two days ahead of the federal budget presented by Finance Minister Nirmala Sitharaman to the country's parliament.
"The survey was tabled after President Ram Nath Kovind made a joint address to both the houses of parliament," an official said.
For the FY 2020-21 which ended on March 31, 2021, the economy is expected to contract by 7.7 percent, the survey said. This is in line with the estimates of the Reserve Bank of India (7.5-percent contraction), and the National Statistical Office (7.7-percent contraction).
However, India's real gross domestic product (GDP) is expected to grow by 11.5 percent in FY 21-22, said the Economic Survey.
The Economic Survey 2020-21, authored by a team led by chief economic adviser Krishnamurthy Venkata Subramanian, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth.
The Indian economy was battered by the COVID-19 lockdown in the last fiscal year.
Finance Minister Sitharaman would be presenting the budget on Feb. 1.
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