New Delhi: The country’s gross domestic product (GDP) is projected to decline by 7.7 percent in FY 2020-21 due to the Covid 19 pandemic affecting the economy.
The first advance estimate of national income was released by the National Statistics Office (NSO) on Thursday. It states that GDP will be Rs 134.40 lakh crore in the current financial year. In the financial year 2019-20, this figure was Rs 145.66 lakh crore. In this way, the GDP will fall by 7.7 percent this year. GDP grew by 4.2 percent in FY 2019-20.
In eight major economic sectors, only agriculture and electricity, gas, water supply and other utility services have registered growth. All other areas have been in decline. The services sector related to trade, hotels, transport, communication and broadcasting declined by more than 21 percent.
The NSO press release stated that “some restrictions were imposed from 25 March 2020 to prevent infection of the Kovid-19 epidemic.” Gradually these restrictions have been lifted, but this has had an impact on economic activity and compilation of data. “
It states that since the compilation of data is not complete, there is a possibility of major changes in these data later.