According to the first advance estimate released by the Government on Thursday, India's economy is estimated to contract at 7.7% during FY 2020-21 as compared to GDP growth of 4.2% during FY 2019-20.

Real GDP (GDP at Constant Prices) in the year 2020-21 is expected to reach ₹134.40 lakh crore against the Provisional Estimate of GDP for the year 2019-20 consisting of ₹145.66 lakh crore. The Real GVA (Gross Value Added) at Basic Prices is estimated to be at ₹123.39 lakh crore in 2020-21, as against ₹133.01 lakh crore in 2019- 20, showing a contraction of 7.2%. Nominal GDP (GDP at Current Prices) in the year 2020-21 is likely to reach ₹194.82 lakh crore against the Provisional Estimate of GDP for the year 2019-20 consisting of ₹ 203.40 lakh crore as released on May 31, 2020.

The growth in nominal GDP during 2020-21 is estimated to be at -4.2%. Agriculture is expected to grow at 3.4% against 4% growth of FY 2019-20. Construction is also estimated to be in the positive zone with 2.7% growth. All the other remaining areas of the economy are expected to be in the contraction zone.