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NSO First Revised GDP estimates FY21: Indian economy contracts by 6.6%

According to the estimates, the GDP contracted by 6.6%. Earlier, the GDP had contracted by 7.3%.

Sumit Arora Published On February 3rd, 2022 Leave a comment

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2020-21. The National Statistical Office recently released the first revised GDP estimates for the fiscal year 2021. According to the estimates, the GDP contracted by 6.6%. Earlier, the GDP had contracted by 7.3%. The contraction is mainly due to the COVID pandemic and the lockdown imposed.

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The NSO has also revised downward the real Gross Domestic Product (GDP) growth number for 2019-20 to 3.7 per cent as against the earlier estimate of 4 per cent. Under the 1st revision released in January 2021, real GDP or GDP at constant (2011-12) prices for 2019-20 stood at Rs 145.69 lakh crore with 4 per cent growth.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.