: GDP likely to contract by 7.7% this year, compared to 4.2% growth in 2019-’20, says government #IndiaNEWS India’s Gross Domestic Product growth rate for the full year 2020-’21 is expected to

GDP likely to contract by 7.7% this year, compared to 4.2% growth in 2019-’20, says government #IndiaNEWS
India’s Gross Domestic Product growth rate for the full year 2020-’21 is expected to contract by 7.7% in real terms, as compared to a growth of 4.2% in the previous financial year, government data for the first advance estimates of this fiscal showed on Thursday. In nominal terms, the GDP growth rate is expected to contract by 4.2%, the data showed.Real GDP refers to the growth rate in absolute terms, while nominal GDP is the inflation-adjusted figure.As per the first advanced estimates of the national income released by the National Statistical Office on Thursday, there was contraction in all sectors with the exception of agriculture and electricity in this fiscal. Trade and hotels sector witnessed the sharpest contraction at 21.4%, followed by construction and manufacturing at 12.6% and 9.4%, respectively. Even agriculture, which is estimated to grow at 3.4%, will register a slower rate, as compared to 4% in 2019-’20.If the final numbers for the GDP are as predicted on Thursday, this will be the sharpest contraction since Independence, according to Bloomberg. The economy had last witnessed a contraction in 1979-’80, when the growth rate shrunk by 5.24%.The government said that the contraction was because of the nationwide lockdown imposed in March 2020 amid the coronavirus pandemic. “Though the restrictions...Read more

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