The government expects India's real gross domestic product (GDP) to contract by 8 per cent in financial year 2020-21, as per the second advanced and quarterly estimates released by the Ministry of Statistics and Programme Implementation on Friday.
After contracting for two consecutive quarters, India's GDP grew 0.4 per cent in October-December quarter.
"Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2020-21 is estimated to attain a level of Rs 134.09 lakh crore, as against the first revised estimate of GDP for the year 2019-20 of Rs 145.69 lakh crore, released on 29th January 2021. The growth in GDP during 2020-21 is estimated at -8.0 per cent as compared to 4.0 per cent in 2019-20," a release said.
In the first advanced estimates released last month, the government had projected a 7.7 per cent contraction in real GDP in FY21.
"GDP at current prices in the year 2020-21 is estimated to attain a level of Rs 195.86 lakh crore, as against Rs 203.51 lakh crore in 2019-20, showing a growth rate of -3.8 per cent," the government said.
The per capita income in real terms during FY21 is seen at Rs 85,929 as compared with Rs 94,566 in FY20, showing a contraction of 9.1 per cent as against 2.5 per cent growth in previous year.
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