Center's first estimate of GDP! 7.7% decline in FY 2020-21

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.

new Delhi: 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. The first estimate of national income has been released by the NSO. According to this report, GDP in the current financial year will be Rs 134.50 lakh crore.

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.