GDP estimates level in direction of V-shaped restoration: Govt

The Finance Ministry on Thursday acknowledged that a continued resurgence in financial exercise within the second half of the present fiscal level in direction of a post-lockdown sustained V-shaped restoration based mostly on GDP estimates.

“The AE of 2020-21 reflect continued resurgence in economic activity in Q3 and Q4 which would enable the Indian economy to end the year with a contraction of 7.7 percent,” it mentioned in an announcement.

The steady quarter-on-quarter development endorses the power of financial fundamentals of the nation to maintain a post-lockdown V-shaped restoration, it added.

“The relatively more manageable pandemic situation in the country as compared to advanced nations has further added momentum to the economic recovery,” the ministry added.

It is to be famous that India`s First Advance Estimate of nationwide earnings on Thursday confirmed a contraction of seven.7 p.c in actual GDP for FY 21. On a year-on-year foundation, Asia`s third-largest economic system had grown by 4.2 p.c in 2019-20.”Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of Rs 134.40 lakh crore, as against the provisional estimate of GDP for the year 2019-20 of Rs 145.66 lakh crore, released on May 31, 2020,” the First Advance Estimates of National Income for monetary 12 months 2020-21 mentioned.

“The growth in real GDP during 2020-21 is estimated at -7.7 percent as compared to the growth rate of 4.2 percent in 2019-20,” it added.

As per the estimate, actual GVA at primary costs is estimated at Rs 123.39 lakh crore in 2020-21, as in opposition to Rs 133.01 lakh crore in 2019-20, exhibiting a contraction of seven.2 p.c.

“With a view to contain the spread of the Covid-19 pandemic, certain restrictions were imposed from March 25, 2020. Though the restrictions have been gradually lifted, there has been an impact on the economic activities as well as on the data collection mechanisms,” the National Statistical Office (NSO) mentioned.

India`s First Advance Estimate of nationwide earnings on Thursday confirmed a contraction of seven.7 p.c in actual GDP for FY 21. On a year-on-year foundation, Asia`s third-largest economic system had grown by 4.2 p.c in 2019-20.”Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of Rs 134.40 lakh crore, as against the provisional estimate of GDP for the year 2019-20 of Rs 145.66 lakh crore, released on May 31, 2020,” the First Advance Estimates of National Income for monetary 12 months 2020-21 mentioned.

“The growth in real GDP during 2020-21 is estimated at -7.7 percent as compared to the growth rate of 4.2 percent in 2019-20,” it added.

As per the estimate, actual GVA at primary costs is estimated at Rs 123.39 lakh crore in 2020-21, as in opposition to Rs 133.01 lakh crore in 2019-20, exhibiting a contraction of seven.2 per cent.

“With a view to contain the spread of the Covid-19 pandemic, certain restrictions were imposed from March 25, 2020. Though the restrictions have been gradually lifted, there has been an impact on the economic activities as well as on the data collection mechanisms,” the National Statistical Office (NSO) mentioned.

In phrases of sectors, the estimates confirmed that GVA at primary costs by financial exercise at 2011-12 costs confirmed a contraction in commerce, motels, transport, communication and companies associated to broadcasting; monetary, actual property {and professional} companies; and public administration, defence and other companies at (-)21.4 p.c, (-)0.8 p.c and (-)3.7 p.c, respectively.

The development in agriculture, forestry, and fishing; mining and quarrying; manufacturing and building is estimated to be 3.4 p.c, (-)12.4 p.c, (-)9.4 p.c and (-)12.6 p.c, respectively.

In phrases of sectors, the estimates confirmed that GVA at primary costs by financial exercise at 2011-12 costs confirmed a contraction in commerce, motels, transport, communication and companies associated to broadcasting; monetary, actual property {and professional} companies; and public administration, defence and other companies at (-)21.4 p.c, (-)0.8 p.c and (-)3.7 p.c, respectively.

The development in agriculture, forestry, and fishing; mining and quarrying; manufacturing and building is estimated to be 3.4 p.c, (-)12.4 p.c, (-)9.4 p.c and (-)12.6 p.c, respectively.

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