Center’s first estimate of GDP
In the midst of a pandemic spread across the country, there has been a considerable decline in the economy. The National Statistics Office estimates that the country’s gross domestic product (GDP) may decline by around 7.7 percent in the financial year 2020-21.
According to the report released by the NSO, in FY 2019-20, this figure was Rs 145.66 lakh crore. In this way, the GDP will fall by 7.7 percent this year. GDP had grown at a rate of 4.2 percent in FY 2019-20.
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World Bank released estimatesLet us tell you a few days ago the World Bank has estimated that the Indian economy will fall by 9.6 percent in the current financial year 2020-21. The decline in the economy reflects the increasing decrease in household spending and private investment.
In addition, India Ratings had lowered its estimate of a decline in gross domestic product (GDP) to 7.8 per cent in the current financial year 2020-21, in view of the better-than-expected recovery in the economy in the second quarter (July-September). Earlier, the rating agency had forecast 11.8 percent decline in the economy in the current financial year.