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Government Expects Economy To Contract 7.7% In Current Financial Year

Government Expects Economy To Contract 7.7% In Current Financial Year

The economic system contracted 23.9 per cent within the first quarter and seven.5 per cent within the second quarter

Indian economic system is estimated to contract 7.7 per cent in monetary yr 2020-21 in comparison with 4.2 per cent development within the earlier monetary yr, primarily on account of the influence of the COVID-19 pandemic.

As per the primary superior estimates of the nationwide earnings launched by the Nationwide Statistical Workplace (NSO) on Thursday, there was contraction in virtually all sectors except agriculture.

“Actual GDP or GDP at Fixed Costs (2011-12) within the yr 2020-21 is prone to attain a stage of Rs 134.40 lakh crore, as towards the Provisional Estimate of GDP for the yr 2019-20 of Rs 145.66 lakh crore… The expansion in actual GDP throughout 2020-21 is estimated at -7.7 per cent as in comparison with the expansion charge of 4.2 per cent in 2019-20,” it stated.

Within the present fiscal, manufacturing sector is prone to see a contraction 9.4 per cent whereas development was virtually flat at 0.03 per cent within the year-ago interval.

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The NSO estimates important contraction in ”mining and quarrying”, and ”commerce, lodges, transport, communication and providers associated to broadcasting”.

Agriculture sector is estimated to see a development of three.4 per cent in 2020-21. Nonetheless, it will likely be decrease than 4 per cent development recorded in 2019-20.

The economic system contracted 23.9 per cent within the first quarter and seven.5 per cent within the second quarter.

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