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GDP likely to contract by 7.7% this fiscal
Why is it in news?
- According to advance estimates released by the National Statistical Office, India’s real GDP is estimated to contract by 7.7% in 2020-21.
- The GVA (Gross Valued added) will be shrinking by 7.2%.
Details:
- India’s economy lately entered a recessionary phase with two successive quarters of sharp contraction triggered by the COVID-19 lockdowns.
- The GDP displayed a contraction of 15.7% in the first half of 2020-21, after
- The collapse of 23.9% in the April-June period and by 7.5% in the second quarter.
- The economy likely to surface in the second half to record near-zero growth, or a mere 0.1% contraction.