India’s real GDP estimated to contract by 7.7% in 2020-21

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According to National Statistical Office, Agriculture is set to record positive growth while service sector will be the worst hit.

India’s real GDP is estimated to contract by 7.7% in 2020-21, as compared to a growth rate of 4.2% in 2019-20. Real GVA (Gross Valued added) at basic prices is estimated at ₹123.39 lakh crore in 2020-21, as against ₹133.01 lakh crore in 2019-20, showing a 7.2% contraction, as per advance estimates by the National Statisical Office.

Only two sectors estimated to record positive growth in GVA this year: Agriculture (3.4%) and Electricity, Gas, Water Supply & Other Utility services (2.7%)

The sharpest decline in 2020-21 is expected in Trade, Hotels, Transport, Communication and Services related to broadcasting (-21.4%), followed by Construction (-12.6%), Mining and quarrying (-12.4%), Manufacturing (-9.4%), Public administration, defence and other services (-3.7%) and Financial, Real Estate and Professional Services (-0.8%), as per the advanced estimates.

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