New Delhi, January 7: India's first advance estimate of national income on Thursday showed a contraction of 7.7 per cent in real GDP for FY 21. On a year-on-year basis, Asia's third largest economy had grown by 4.2 per cent in 2019-20. India’s GDP Likely to Contract by 7.3% in 2020–21, Says National Council of Applied Economic Research.

"Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of Rs 134.40 lakh crore, as against the provisional estimate of GDP for the year 2019-20 of Rs 145.66 lakh crore, released on May 31, 2020," the First Advance Estimates of National Income for financial year 2020-21 said. India's FY21 GDP Growth Now Expected to Contract by 7.8%, Says India Ratings. 

"The growth in real GDP during 2020-21 is estimated at -7.7 per cent as compared to the growth rate of 4.2 per cent in 2019-20." As per the estimate, real GVA at basic prices is estimated at Rs 123.39 lakh crore in 2020-21, as against Rs 133.01 lakh crore in 2019-20, showing a contraction of 7.2 per cent.

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