The Indian economy contracted 6.6 per cent in 2020-21 against the earlier provisional estimate of 7.3 per cent decline released in May 2021. The National Statistical Office has also revised downward the real GDP growth number for 2019-20 to 3.7 per cent against the earlier estimate of 4 per cent.

The NSO has revised upwards the real GDP for 2020-21 — in 2011-12 prices — to Rs 135.58 crore against Rs 135.12 lakh crore in the provisional estimate. It has reduced the real GDP for 2019-20 to Rs 145.15 lakh crore.

Under the first revision released in January 2021, real GDP for 2019-20 was pegged at Rs 145.69 lakh crore, showing growth of 4 per cent.

In terms of real GVA (gross value added), i.e., GVA at constant (2011-12) basic prices, there has been a contraction of 4.8 per cent in 2020-21 against growth of 3.8 per cent in 2019-20, the NSO said.

The National Statistical Office has also revised downward the real GDP growth number for 2019-20 to 3.7 per cent against the earlier estimate of 4 per cent.

“Real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at Rs 135.58 lakh crore and Rs 145.16 lakh crore, respectively, showing a contraction of 6.6 per cent during 2020-21 compared with growth of 3.7 per cent during 2019-20,” the National Statistical Office said in the revised national account data released on Monday.

Under the first revision released in January 2021, real GDP or GDP at constant (2011-12) prices for the years 2019-20 was pegged at Rs 145.69 lakh crore, showing growth of 4 per cent during 2019-20.

“In terms of real GVA (gross value added), i.e., GVA at constant (2011-12) basic prices, there has been a contraction of 4.8 per cent in 2020-21, as against growth of 3.8 per cent in 2019-20,” NSO stated.
During 2020-21, the growth rates of the primary sector (comprising agriculture, forestry, fishing and mining & quarrying), secondary sector (comprising manufacturing, electricity, gas, water supply & other utility services, and construction) and tertiary sector (services) have been estimated as 1.6 per cent, (-)2.8 per cent and (-) 7.8 per cent as against a growth of 1.9 per cent, (-) 6.8 per cent and (-) 8.4 per cent, respectively, in the previous year.

Nominal Net National Income (NNI) or NNI at current prices for the year 2020-21 stands at Rs 171.94 lakh crore as against Rs 177.17 lakh crore in 2019-20, showing a contraction of 2.9 per cent during 2020-21 as against growth of 6 per cent in the previous year, it stated. Per Capita Income i.e. Per Capita Net National Income at current prices is estimated at Rs 1,32,115 and Rs 1,26,855 respectively for the years 2019-20 and 2020-21, it stated.