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

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

Livemint
Updated31 Jan 2022
Indian economy. Photo: Mint
Indian economy. Photo: Mint

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.

Also read: Economy to grow at 9.2% in FY22: Economic Survey

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.

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

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