India’s GDP contracts by 6.6% in 2020-21: First revised estimates

The National Statistical Office (NSO), in its first revised estimates of GDP, has said the Indian economy shrunk by 6.6 per cent in 2020-21, primarily due to the COVID-19 pandemic and nationwide lockdown curbs imposed by the government.

The provisional data released by the government May 2021 had said the GDP contracted by 7.3 per cent in 2020-21.

As per the Ministry of Statistics & Programme Implementation release, real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at ₹135.58 lakh crore and ₹145.16 lakh crore, respectively, showing a contraction of 6.6 per cent during 2020-21 as compared to growth of 3.7 per cent during 2019-20.

“Nominal GDP or GDP at current prices for the year 2020-21 is estimated at ₹198.01 lakh crore as against ₹200.75 lakh crore for the year 2019-20, showing a contraction of 1.4 per cent during 2020-21 as compared to growth of 6.2 per cent during 2019-20,” the statement said.

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At the aggregate level, nominal GVA at basic prices declined by 1.6 per cent during 2020-21 against the growth of 6.9 per cent during 2019-20. In terms of real GVA – GVA at constant (2011-12) basic prices -- there has been a contraction of 4.8 per cent in 2020-21 vs growth of 3.8 per cent in 2019-20, the release added.

During 2020-21, the growth rates of the primary sector (comprising agriculture, forestry, fishing and mining & quarrying), secondary sector (comprising manufacturing, electricity, gas, water supply & other utility services, and construction) and tertiary sector (services) have been estimated as 1.6 per cent, (-)2.8 per cent and (-) 7.8 per cent as against a growth of 1.9 per cent, (-) 6.8 per cent and (-) 8.4 per cent, respectively, in the previous year.

Nominal Net National Income (NNI) or NNI at current prices for the year 2020-21 stands at ₹171.94 lakh crore as against ₹177.17 lakh crore in 2019-20, showing a contraction of 2.9 per cent during 2020-21 as against growth of 6 per cent in the previous year, it stated.

Per Capita Income i.e. Per Capita Net National Income at current prices is estimated at ₹1,32,115 and ₹1,26,855 respectively for the years 2019-20 and 2020-21, it stated.