India’s GDP to shrink by 7.5 percent
Kathmandu. India’s Ministry of Statistics and Programme Implementation on Thursday released its report entitled “Second Advance Estimates of National Income for the year 2020-21”
According to the report, India will see a decrease of 7.7% in its real Gross Domestic Product (GDP), attaining only INR 134.40 lakh crore in the current fiscal year that is ending in March 2021.
This financial year had a terrible start, with lockdown restrictions set from the first month of March 2020. Last year, India had observed a 4.2% increase in its real GDP attaining INR 145.66 lakh crore.
With over 10.4 million COVID-19 cases, India has become the second-highest COVID infected country in the world. This has prevented the government to fully reopen the economy due to which the economy had contracted 23.9 % in the first quarter and 7.5% in the second quarter.
The National Statistical Office (NSO) has expected the manufacturing and mining outputs to decline by 9.4% and 12.4%. However, the agricultural output is expected to increase by 3.4%.
Earlier in October, the International Monetary Fund had projected India’s GDP to decrease by 10.3%.
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