India's GDP contracts by 6.6% in 2020-21

[beijingwalker]

India's GDP contracts by 6.6% in 2020-21​

Updated: 31 Jan 2022, 08:48 PM IST

The National Statistical Office (NSO), in its first revised estimates of GDP, has said the Indian economy shrunk by 6.6 per cent in 2020-21, primarily due to the COVID-19 pandemic and nationwide lockdown curbs imposed by the government.

The provisional data released by the government May 2021 had said the GDP contracted by 7.3 per cent in 2020-21.

As per the Ministry of Statistics & Programme Implementation release, real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at ₹135.58 lakh crore and ₹145.16 lakh crore, respectively, showing a contraction of 6.6 per cent during 2020-21 as compared to growth of 3.7 per cent during 2019-20.

“Nominal GDP or GDP at current prices for the year 2020-21 is estimated at ₹198.01 lakh crore as against ₹200.75 lakh crore for the year 2019-20, showing a contraction of 1.4 per cent during 2020-21 as compared to growth of 6.2 per cent during 2019-20," the statement said.

At the aggregate level, nominal GVA at basic prices declined by 1.6 per cent during 2020-21 against the growth of 6.9 per cent during 2019-20. In terms of real GVA – GVA at constant (2011-12) basic prices -- there has been a contraction of 4.8 per cent in 2020-21 vs growth of 3.8 per cent in 2019-20, the release added.

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 ₹171.94 lakh crore as against ₹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 ₹1,32,115 and ₹1,26,855 respectively for the years 2019-20 and 2020-21, it stated.

India's GDP contracts by 6.6% in 2020-21: First revised estimates

The provisional data released by the government in May 2021 had said the GDP contracted by 7.3 per cent in 2020-21.

www.livemint.com

 

[Akatosh]

Good news.
Earlier it was estimated to be 7.3% contraction (April 2020 to Mar 2021).
But now govt has revised data and it was only 6.6%.
This year growth is 9.2%.

 

[beijingwalker]

India Budget 2022: India can become world’s fastest growing economy: Economic Survey​

WION Web Team
New Delhi Published: Jan 31, 2022, 04:45 PM(IST)

According to India's Economic Survey 2022, the country has fiscal space to do more to support the economy and has the legroom to boost spending to become the world's fastest-growing economy overtaking China.

India's Economic Survey presented by the government on Monday pegged growth for 2022-23 at 8-8.5 per cent and for 2021-22 at 9.2 per cent.

India Budget 2022: India can become world’s fastest growing economy: Economic Survey

According to India's Economic Survey 2022, the country has fiscal space to do more to support the economy and has the legroom to boost spending to become the world's fastest-growing economy overtaking China. India's Economic Survey presented by the government on Monday pegged growth for 2022-23...

www.wionews.com

 

[Indos]

Good news.
Earlier it was estimated to be 7.3% contraction (April 2020 to Mar 2021).
But now govt has revised data and it was only 6.6%.
This year growth is 9.2%.

If they revise up previous estimate for 2020-2021, then current growth projection for 2021-2022 should be revised down as well, since previously the base growth estimation is lower than the new estimate.

India 2021-2022 growth has already been revised down by IMF into 9 % while World Bank said it will be around 8 %, both still using previous estimate for 2020-2021 period

 

[beijingwalker]

India 2021-2022 growth has already been revised down by IMF into 9 % while World Bank said it will be around 8 %, both still using previous estimate for 2020-2021 period

It's not expanding, it's shrinking

Indian GDP shrunk by 6.6% in FY21

GDP growth in 2019-20 is now pegged at 3.7% instead of 4%. The downward revision in the 2019-20 numbers raises questions on satisfaction over the economy achieving pre-pandemic levels, experts said.

www.hindustantimes.com

 

[beijingwalker]

When China is fast reaching $20 trillion GDP, India is fast approaching $2 trillion.

 

[Akatosh]

It's not expanding, it's shrinking

Indian GDP shrunk by 6.6% in FY21

GDP growth in 2019-20 is now pegged at 3.7% instead of 4%. The downward revision in the 2019-20 numbers raises questions on satisfaction over the economy achieving pre-pandemic levels, experts said.

www.hindustantimes.com

You need to improve your reading comprehension.
The contraction of 6.6% was for Financial Year 2020-21 (which ended long back in March 2021).
Whereas for Financial Year 2021-22 (April 2021 to March 2022), GDP has Expanded by 9.27%.

If they revise up previous estimate for 2020-2021, then current growth projection for 2021-2022 should be revised down as well, since previously the base growth estimation is lower than the new estimate.

India 2021-2022 growth has already been revised down by IMF into 9 % while World Bank said it will be around 8 %, both still using previous estimate for 2020-2021 period

That has been done.
The latest growth estimate of 9.27% was made after taking into account change of last year's contraction to 6.6%. This has been made clear in Indian govt economic survey data release yesterday.

 

[GumNaam]

Good news.
Earlier it was estimated to be 7.3% contraction (April 2020 to Mar 2021).
But now govt has revised data and it was only 6.6%.
This year growth is 9.2%.

that's like saying you thought you would get buttraped 10 times but only got buttraped 8 times so good news!

 

[FairAndUnbiased]

India contracted by losing dead weight low value added industries while gaining high value industries. India wins again.

 

[hydrabadi_arab]

Per Capita Income i.e. Per Capita Net National Income at current prices is estimated at ₹1,32,115 and ₹1,26,855 respectively for the years 2019-20 and 2020-21, it stated.

This mean Pakistan and India GDP per capita was almost same in 2020-21 in $.

 

[CrazyZ]

I still remember when the experts stated India would escape recession due to covid.

https://www.financialexpress.com/economy/only-india-china-will-survive-coronavirus-rest-of-the-entire-world-economy-will-go-into-recession-un/1914396/

 

[peagle]

India's GDP contracts by 6.6% in 2020-21​

Updated: 31 Jan 2022, 08:48 PM IST

The National Statistical Office (NSO), in its first revised estimates of GDP, has said the Indian economy shrunk by 6.6 per cent in 2020-21, primarily due to the COVID-19 pandemic and nationwide lockdown curbs imposed by the government.

The provisional data released by the government May 2021 had said the GDP contracted by 7.3 per cent in 2020-21.

As per the Ministry of Statistics & Programme Implementation release, real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at ₹135.58 lakh crore and ₹145.16 lakh crore, respectively, showing a contraction of 6.6 per cent during 2020-21 as compared to growth of 3.7 per cent during 2019-20.

“Nominal GDP or GDP at current prices for the year 2020-21 is estimated at ₹198.01 lakh crore as against ₹200.75 lakh crore for the year 2019-20, showing a contraction of 1.4 per cent during 2020-21 as compared to growth of 6.2 per cent during 2019-20," the statement said.

At the aggregate level, nominal GVA at basic prices declined by 1.6 per cent during 2020-21 against the growth of 6.9 per cent during 2019-20. In terms of real GVA – GVA at constant (2011-12) basic prices -- there has been a contraction of 4.8 per cent in 2020-21 vs growth of 3.8 per cent in 2019-20, the release added.

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 ₹171.94 lakh crore as against ₹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 ₹1,32,115 and ₹1,26,855 respectively for the years 2019-20 and 2020-21, it stated.

India's GDP contracts by 6.6% in 2020-21: First revised estimates

The provisional data released by the government in May 2021 had said the GDP contracted by 7.3 per cent in 2020-21.

www.livemint.com

Couple of weeks ago there was a thread that claimed India's GDP had increased to almost $2.8 trillion dollars, I think.
How can a GDP increase in size whilst contracting by 6.6%?

Or does India use some kind of special calculations that we don't now about.

 

[pikkuboss]

Couple of weeks ago there was a thread that claimed India's GDP had increased to almost $2.8 trillion dollars, I think.
How can a GDP increase in size whilst contracting by 6.6%?

Or does India use some kind of special calculations that we don't now about.

India's GDP currently stands at 3 Trillion dollar at the end of 2021. The 6.6% contraction is for the period of April, 2020 to March, 2021.

 

[SirHatesALot]

India's GDP currently stands at 3 Trillion dollar at the end of 2021. The 6.6% contraction is for the period of April, 2020 to March, 2021.

you do know that they are just trolling right stop explaining

 

[peagle]

India's GDP currently stands at 3 Trillion dollar at the end of 2021. The 6.6% contraction is for the period of April, 2020 to March, 2021.

But, surely you and anyone with basic sense can see that it does not make sense.

India's economy was $2.6 trillion in 2020
a 6.6% contraction gives you a $172 billion reduction, meaning an economy of $2.43 trillion
India reported 9.2% growth for 2022 which gives an increase of $223 billion

2.43 + 2.23 = 2653

So according to the growth figures the economy should be around $2.6 trillion.