As per reports, the central government projects India's economy to contract by 7.7 percent in the current fiscal year 2020-21, as per the first advance estimates of  GDP (gross domestic product) released by the National Statistical Office on January 7.

The agriculture sector estimate for the fiscal 2021 stood at 3.4 percent. Mining estimate stood at -12.4 percent for FY21 Vs 3.1 percent year-on-year and nominal GDP estimate stood at -4.2 percent.

Among other details, the gross value added (GVA) estimate stood at -7.2 percent for FY21 vs 3.9 percent in FY20. For the manufacturing sector, the estimate for FY21 stood at -9.4 percent Vs 0 percent, year-on-year. Meanwhile, the construction sector estimate for FY21 stood at -12.6 percent Vs 1.3 percent, year-on-year.

The first advance estimates for a financial year is usually released before the Union Budget for the next year.

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