GDP of India Contracts By 7.3% - CSO

The economy's Gross Value Added (GVA) fell 6.2 percent in 2020-21, compared to a 4.1 percent increase the previous year.

Updated: Jun 02, 2021 12:17:11 pm

02 June 2021 Current Affairs:According to a report released by the Central Statistical Office, India's GDP will contract by 7.3 percent in 2020-21. Prior to the COVID-19 pandemic, GDP growth in 2019-20 was 4%.

♦ The economy's Gross Value Added (GVA) fell 6.2 percent in 2020-21, compared to a 4.1 percent increase the previous year.
♦ Agriculture, forestry, and fishing (3.6 percent positive growth) and electricity, gas, water supply, and other utility services (1.9 percent positive growth) were the only two sectors to show positive GVA growth.
♦ Trade, hotels, transportation, communication, and broadcasting-related services have experienced the greatest decline (-18.2 percent), followed by construction (-8.6 percent), mining and quarrying (-8.5 percent), and manufacturing (-7.2 percent).
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