India’s real GDP in the ongoing financial year 2020-21 is seen contracting by 7.7 per cent from a growth rate of 4.2 per cent in 2019-20, according to the first advance estimates of GDP released by the Ministry of Statistics & Programme Implementation (MoSPI).
“Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to 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, released on 31st May 2020,” the MoSPI release said.
The Real GVA at Basic Prices is estimated at Rs 123.39 lakh crore in 2020-21, as against Rs 133.01 lakh crore in 2019-20, thereby showing a contraction of 7.2 percent.
According to the MoSPI data, the agriculture sector growth for FY 2020-21 is estimated at 3.4 per cent against 4.0 per cent in FY 2019-20. Also, mining sector estimate stood at (-)12.4 per cent for 2020-21 from 3.1 per cent in 2019-20.
In case of manufacturing sector, FY 2020-21 estimate stood at (-)9.4 per cent compared to 0.03 per cent in FY 2019-20, while the construction sector estimate for 2020-21 stood at (-)12.6 per cent vs 1.3 per cent year ago. (refer table below)
Generally, the first advance estimates of GDP of a financial year are released before the Union Budget. This data helps in the budget-making process.
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