Indian economy to contract by 8% in 2020-21

The growth in India’s real GDP during 2020-21 is estimated at -8 per cent as compared to the growth rate of 4.0 per cent in 2019-20, said government as part of its second advance estimates of the economic growth.

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The government had projected a GDP contraction of 7.7 per cent in its first advance estimate.

The growth in GDP during 2020-21 is estimated at -8.0 percent as compared to 4.0 percent in 2019-20.

GDP at Current Prices in the year 2020-21 is estimated to grow at rate of -3.8 percent.

The Per Capita Income in real terms (at 2011-12 Prices) during 2020-21 is estimated to attain a level of ₹ 85,929 as compared to ₹ 94,566 in the year 2019-20, giving a growth of -9.1 percent during 2019-20.

The Per Capita Income at current prices during 2020-21 is estimated to be ₹ 127,768, showing a decline of 4.8 percent.

Agriculture sector is estimated to see a growth of 3 per cent in 2020-21. However, it will be lower than 4.3 per cent growth recorded in 2019-20.

Manufacturing sector is estimated to contract 8.4 per cent during FY21, while electricity is likely to grow at 1.8 per cent. Among services sectors, trade, hotel, transport are projected to contract 18 per cent.