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GoI Forecasts 8% Decline in Economy in Financial Year 20-21

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The Government of India has forecast an eight per cent decline in the economy in FY 2020-21. Earlier in January, the government had predicted a decline of 7.7 percent in the current financial year 2020-21. On the other hand, amid the Corona Virus pandemic, the Indian economy grew by 0.4 per cent in the third quarter October-December after two consecutive quarterly declines in the current financial year.

The National Statistics Office (NSO) gave this information in the data released on Friday. Earlier, the economy grew by 3.3 per cent in the same quarter of FY 2019-20. The second advance estimate of the National Accounts of the NSO estimates an 8 percent decline in gross domestic product (GDP) in 2020-21. In January, the NSO had forecast a 7.7 percent decline in the economy in the current financial year 2020-21. A year earlier in 2019-20, GDP grew by 4 percent.

Due to Corona virus pandemic and ‘lockdown’ for its prevention, the economy had declined by 24.4% in the first quarter of the current financial year. In the second quarter July-September, there was a decline of 7.3 per cent in GDP. China’s economy grew by 6.5 percent in October-December 2020. The growth rate was 4.9 percent in July-September.

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