India’s GDP may go down by 7.7% in FY21, says Government Data

New Delhi, 7/1: India’s GDP may go down further by 7.7% in FY21 according to Government Data. The slump is expected due to the ongoing Covid 19 Pandemic.

According to the advanced estimates of the national income released by the National Statistical Office (NSO), there was a contraction in almost all the sectors except agriculture. The manufacturing sector has been predicted to annually contract 9.4 percent.

According to a statement by The Ministry of Statistics & Programme Implementation, “With a view to contain the spread of the Covid-19 pandemic, certain restrictions were imposed from 25 March, 2020. Though the restrictions have been gradually lifted, there has been an impact on the economic activities as well as on the data collection mechanisms. Estimates are therefore likely to undergo sharp revisions for the aforesaid causes in due course, as per the release calendar. Users should take this into consideration when interpreting the figures. The release of Second Advance Estimates of National Income for the year 2020-21 and quarterly GDP estimate for the quarter October-December, 2020 (Q3 of 2020-21) will be on 26.02.2021.”

India’s economy went down 23.9% in the year 2020-21 due to Corona Pandemic.