India’s Gross Domestic Product (GDP) contracted by 7.3 per cent in FY 2020-21, as per the data released by the Government of India.
- However, India’s gross domestic product (GDP) grew at 1.6 per cent in the January-March quarter of fiscal year 2020-21.
- This is the first full-year contraction in the Indian economy in the last four decades since 1979-80, when GDP had shrunk by 5.2 per cent.
- According to the National Statistical Office data, gross value added (GVA) growth in the manufacturing sector accelerated to 6.9 per cent in the fourth quarter of 2020-21 compared to a contraction 4.2 per cent a year ago.
- Farm sector GVA growth was down at 3.1 per cent, compared to 6.8 per cent in the corresponding period of 2019-20.
