Indian economy contracted by 6.6 per cent in 2020-21 on account of outbreak of COVID-19 and subsequent nationwide lockdown to contain the pandemic, according to the government data released on Monday

As per the provisional estimates released in May 2021, the GDP had contracted by 7.3 per cent in 2020-21. ''Real GDP or GDP at constant (2011-12) prices for the years 2020-21 and 2019-20 stands at Rs 135.58 lakh crore and Rs 145.16 lakh crore, respectively, showing a contraction of 6.6 per cent during 2020-21 as compared to growth of 3.7 per cent during 2019-20,'' National Statistical Office said in the revised national account data.

The government has also revised the gross value added (GVA) growth to -4.8 per cent from -6.2 per cent earlier. The Nominal GDP or GDP at current prices for the year 2020-21 is estimated at Rs 198.01 lakh crore as against Rs 200.75 lakh crore for the year 2019-20, showing a contraction of 1.4 per cent during 2020-21 as compared to growth of 6.2 per cent during 2019-20, the data stated.

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