Daily Current Affairs Article 9th January 2021: 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).
As per quarterly estimates of NSO, real GDP contracted by 15.7 percent in first half of 2020-21.
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On the demand side, real GDP in 2020-21 has been supported by an estimated increase in Government Consumption Expenditure by 5.8 percent.
On the supply side, agriculture is estimated to register a positive growth of 3.4 percent against 4.0 percent as per the PE of 2019-20.
In the manufacturing sector, electricity sector is estimated to register a positive growth of 2.7 percent.
The pandemic and associated public health measures have adversely affected the contact-sensitive services sector where trade, hotels, transport & communication are estimated to contract by 21.4 percent in FY:2020-21.
