GDP may contract by 7.7% in FY21: NSO data
NEW DELHI: India’s economy is estimated to contract by a record 7.7% in 2020-21 ravaged by the impact of the Covid-19 induced lockdown, with the crucial services and manufacturing sectors taking a massive hit and the farm segment expected to remain the only bright spot.
The first advance estimate released by the National Statistical Office (NSO) on Thursday comes ahead of the Union budget on February 1, which is expected to unveil fresh measures to get growth back on track.
The NSO data estimated the economy to contract by 7.7% compared to an 11-year low growth of 4.2% in 2019-20. This will be the first contraction in over four decades since the 5.2% fall recorded in 1979-80. This is also the record contraction since annual GDP data began to be published in 1951-52.
The Reserve Bank of India estimates GDP to contract by 7.5% while other agencies forecast in the range of 7.4% to 10.3% decline for the current financial year and rebound next year on the back of the low base and measures unleashed by the go nment and the central bank.
印度央行(Reserve Bank of India)估计，印度GDP将萎缩7.5%，而其他机构预计，本财年GDP将下降7.4%至10.3%，在低基数的基础上以及政府和央行出台措施的支撑下，明年将反弹。
The impact of one of the strictest lockdowns in the world has been evident on the economy with a record slump of 23.9% in the June quarter.
The economy shrank even before Covid-19 but Covid-19 is the escape route for BJP Govt for its failure.
In the meanwhile China is expected to grow 8.2% in 2021.
Illiterate chaiwala will not talk on this..
What happened to bsdk's 5T economy promise?
To be frank, BJP is not fit for ruling a country! They should confine themselves to religious activities!
all bunch of cr00ks and idi0ts of bsdk jhumla party completely ruined country
Covid has given excellent excuse for go nment to blame it for poor GDP and high unemployment.
Why blaming covid ? Jan-march 2020 the economy was already down to 4.9% growth!. During this period there was no impact of covid!
When the economy contracts, consumers stop buying things, and people lose their jobs.
Economy was already in ICU even before corona
K Mohan Twincities
How can there be growth when the whole economy was stand still for nine months last year
Desh Ke Aage Kuch Nahi
Modi hai toh mumkin hai. And now our Cloud RADAR technology expert will blame the pandemic for this. Although our financial conditions were pretty bad even before the pandemic started.
If not for the lockdown, we would have been dead and gone!
Compared to other economies, India has done much better. Investors have more trust and net FII inflows have increased whuch is taking Indian stock market to new highs each day
Rajesh Krishnan Kutty
by the way this GDP is as per modified calculation. it would be much more worse as per old calculation method
Compared to the rest of the world India has done exceedingly better in tackling the Wuhan Virus pandemic as well as the adverse economic fallout of lock downs! Yet, some Indians will continue to abuse the go nment - out of sheer habit!
Where is the sense in blaming the Govt in the current economic sitiuation. Was the Corona Virus created by the Govt? Was the shutdown to save the lives of millions of our people done on a whim? Is the ongoing border conflict with China a creation of the Govt? Is the farmers blockade of the national capital something caused by the Govt?
At least India has Ram Mandir which would be build by 2024. By that time, foreigners will come and visit that instead of Taj Mahal and Indians can conveniently beg there to get some dollars and cents for a change.
Manmohan Singh said that Modi will be disastrous for India. How true he was.