India’s GDP May Contract 7.7% In FY21 - First Advance Estimate: Care Ratings
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Care Ratings Research Report
In line with Care Ratings’ expectations, the Central Statistic Office has estimated a sharp contraction of 7.7% for the Indian economy during FY21 in its release of the first advance estimate of gross domestic product.
This estimate is also in line with the Reserve Bank of India’s estimate of down 7.5% estimated in December 2020. The RBI had revised upwards its previous forecast (down 9.5%), pegging the contraction in the economy at 7.5%.
The decline in nominal GDP is at a record low of 4.2% and is pegged at Rs 194.8 lakh crore for the year.
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