Categories: Economy

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

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

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.

Find More News on Economy Here

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.