Real GDP declined by 6.6% in FY2011, compared to an earlier estimated 7.3% contraction
The contraction in India’s economy during the pandemic-hit year FY21 was lower than previously estimated, according to the revised data released by the National Statistical Office (NSO) on Monday. Real GDP declined by 6.6% in FY2011, compared to an earlier estimated 7.3% contraction, while Gross Value Added (GVA) dropped 4.8%, as against the 6.2% decline previously indicated.
However, the NSO also revised downward India’s real GDP growth for FY20 from 4% to 3.7%. Thus, part of the revision in FY2011 figures was triggered by the base effect, while the NSO called for the use of more detailed industry information, rather than using the benchmark-indicative method employed at the time of the provisional estimates released last May. attributed to the amendment.
ICRA Chief Economist Aditi Nair said the FY21 growth rate ‘may undergo additional changes once the annual survey of industries as well as other sources become available’.
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