The Economic Survey has said the contraction in Indian economy in FY21 reflects 'once in a century crisis' triggered by the COVID-19 pandemic.
India's GDP contracted by 23.9 per cent in April-June quarter and 7.5 per cent in July-September, reflecting the effect of the pandemic and the containment measures taken to control the infections.
The National Statistical Office (NSO) has forecasted a 7.7 per cent contraction in GDP in 2020-21, which will be the fourth contraction in Indian GDP since 1960-61. Unlike the earlier years when Indian economy contracted, the year 2020-21 has been bestowed with abundant monsoons leading to the agricultural sector emerging as the silver lining of the economy, the survey said.
"The contraction this year reflects the 'once in a century crisis' unleashed by the pandemic and associated public health measures," the Economic Survey said.