India’s 2020-21 GDP seen contracting 7.7%: Govt’s first advance estimate by National Statistical Office (NSO)
Contraction from a growth rate of 4.2% in 2019-20 mainly due to Covid-19 impact.Contraction in almost all sectors except agri & electricity generation.Advance estimates of GDP are released before Union Budget & aids in budget-making process.
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Agri & elec gen growth rate estimated at 3.4% & 2.7%.