GDP is projected to be minus 7.7 per cent in the financial year 2020-21

(PTI) New Delhi, Ta. Thursday, January 7, 2020

The manufacturing and service sectors will be severely affected by the Corona epidemic, which is expected to reduce India's GDP by 7.7 per cent in FY20-21, according to government estimates.

According to estimates released by the National Statistical Office (NSO), the real GDP in the financial year 2020-21 will be Rs 134.40 lakh crore. The provisional estimate of GDP in the financial year 2019-20 was Rs 145.66 lakh crore.

According to the NSO, real GDP growth is projected to be minus 7.7 per cent in the financial year 2020-21. The financial year 2019-20 saw a growth of 4.2 per cent in GDP. However, the decline in GDP will not be as large as the estimates presented by international agencies such as the IMF and the World Bank.

The NSO estimates that the real gross value added (GVA) in the financial year 2020-21 will be Rs 123.39 lakh crore. Which was Rs 133.01 lakh crore in the financial year 2019-20. Which shows a decline of 7.2 per cent in the current financial year.

The GVM of the key manufacturing sector is projected to decline by 9.4 per cent in FY20-21. Last year, the sector's GVA grew by 0.03 per cent.

The mining and services sectors declined by 12.4 per cent and 21.4 per cent, respectively. The construction sector is projected to decline by 12.6 per cent. The agriculture, forestry and fishing sectors, on the other hand, are projected to grow by 3.4 per cent. The financial year 2019-20 saw a growth of 4% in this sector.